Exchange gas prices in Europe reach $2,180

European gas futures for September delivery (based on the TTF benchmark) are up about 1% on August 15 morning and are keeping just above $2,180 per 1,000 cubic meters, Report informs referring to the London Stock Exchange ICE.

So far, August 15 price minimum is $2,181.2 per 1,000 cubic meters (+1.3% to the estimated price on August 14 - $2,152.8), the maximum is $2,197 per 1,000 cubic meters (+2%). Quotes rose by 1.4% and are close to $2,183 per 1,000 cubic meters.

The European market faced a gas collapse last year. Experts attributed its occurrence to limited supply from major suppliers, low levels of occupancy of underground gas storage facilities (UGS) in Europe and high demand for liquefied natural gas (LNG) in Asia.

Now Europe continues to be under pressure due to the ongoing tension with supplies from Russia. The export of Russian gas fell after the start of the war in Ukraine: supplies through the Nord Stream and through the Ukrainian gas transportation system dropped significantly, and through the Yamal-Europe stopped altogether.