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The Price Of Gas In Europe Reached Its Highest Since September 2018

The Price Of Gas In Europe Reached Its Highest Since September 2018

Gas prices at the Dutch TTF hub on Wednesday reached $337.9 per thousand cubic meters and are now at the levels of September 2018, according to trading data.

At the same time, active gas extraction from European underground gas storage facilities (UGS) continues. According to the latest data, on Monday, the UGS occupancy rate was 65.75%, while at the beginning of the month it was at the level of 74%.

Gas prices in Europe in 2020 against the background of the pandemic fell almost three times. In May, they fell below $ 40 per 1,000 cubic meters. However, in the autumn, the quotes returned to pre-crisis levels and continued to grow rapidly.

The price dynamics are driven by the high demand for gas due to cold weather in Europe and Asia. European quotes are also supported by the fact that significant volumes of LNG were redirected by suppliers from Europe to the Asia-Pacific region, where demand is further stimulated by an active economic recovery.

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