Gas prices in Europe reach $2,100 per thousand cubic meters

The gas price rose in Europe by about 1.6% compared to the settlement price on Friday, Report informs.

Gas futures contracts for September delivery (based on the TTF benchmark) are trading at $2,100 per 1,000 cubic meters.

So far, today's price minimum is $2,056.7 (-0.5% against Friday's estimated price of $2,066.5), the maximum is $2,100 per thousand cubic meters (+1.6%), according to the London ICE exchange.

Market problems are associated with limited supply from major suppliers, low occupancy of underground gas storage facilities in Europe and strong demand for liquefied natural gas (LNG) in Asia.

The exports of Russian gas fell after the outbreak of hostilities in Ukraine: supplies through the Nord Stream and the Ukrainian gas transportation system dropped significantly, and the exports through the Yamal-Europe pipeline stopped altogether.