Gas price in Europe breaks historic record again

The gas price in Europe at the opening of trading on October 1 again broke a historic record and almost reached $1,200 per 1,000 cubic meters, according to the ICE exchange, Report informs referring to TASS.

November futures on the TTF hub in the Netherlands at the opening of trading on October 1 for the first time reached 100 euros per MWh or $1,199.44 per 1,000 cubic meters (based on the current EUR/USD exchange rate, ICE prices are shown in EUR per MWh).

One of the reasons for such a sharp increase could be a drop in gas pumping through the Yamal-Europe pipeline by almost three times this morning, which has accelerated 4.3 times so far, to about 0.5 million cubic meters per hour (2.2 million cubic meters per hour day before). This, in turn, could have occurred because the day before, the capacity was not bought out under the day-ahead contracts for October 1 for gas supplies through the Yamal-Europe pipeline.

Earlier this week, gas prices in Europe for the first time in history exceeded $1,000 per 1,000 cubic meters, followed by $1,100.