Gas price in Europe reaches $1,550

At the auction on Wednesday, the expense of 1,000 cubic meters of gas in Europe continues to rise. The price has already jumped to the grade of $1,550. The dynamics of the fuel trade in Europe were influenced by the drop in the share of wind power to 10%. A few days ago, it was 15.6%. In addition, meteorologists said that a cold snap is expected in the European area next week. Moreover, it will be stronger than previously thought. According to the prognosis, in December the average air temperature will be 2 degrees lower compared to the corresponding month of 2020. The occupancy rate of European gas storage facilities remains modest. According to the latest information, it is about 62%. Moreover, the average value of this indicator over the past five years is around 78.7%. The European market has also reacted to the rise in LNG prices in Asian markets. As an effect of the previous night’s trading, the price of a contract for delivery in February rose by $42. Its cost exceeded $1,500.


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Arseny Kudrin

Publicist, trader

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