Gas Prices in Europe Reach All Time High

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The price of gas in Europe has officially surpassed the previous all-time high, which was reached in March 2018, when Europe was hit by the famous cold front known as “the Beast from the East.” Only toward the end of the winter did that record fall, and the heating season of 2021/22 is only getting started, Interfax reports.

The November futures on the Asian spot LNG index JKM Platts increased by $ 60 in one day, reaching $ 1,042 per thousand cubic meters. Europe is obliged to compete for LNG with Asia’s premium market due to a general scarcity of gas supply (through pipelines and in liquefied form).

In recent months, the price of gas in Europe has had an inextricable influence on the price of Gazprom shares.

According to trade statistics, the price of the closest futures on the TTF spot gas index on the ICE Futures exchange on Tuesday morning was 85.245 euros per MWh, or $1,030 per thousand cubic meters.

On March 1, 2018, a new record for the price of a TTF day-ahead contract was set: 76 euros per MWh, or $969 per thousand cubic meters.