European gas futures hit new all-time high above $800 per 1,000 cubic meters

European gas futures hit new all-time high above $800 per 1,000 cubic meters

On Monday, gas futures on the European market hit $750 per 1,000 cubic meters, The Nation reports. 

The price of gas in Europe during trading on 14 September broke a record and exceeded $800 per 1,000 cubic meters, according to the data of the ICE exchange.

The cost of the October futures on the TTF hub in the Netherlands on Tuesday reached $ 801.2 per 1,000 cubic meters. m, or 65.5 euros per MWh (based on the current exchange rate of the euro to the dollar, prices for ICE are presented in euros per MWh).

Gas prices are growing due to the supply lagging behind the demand amid the coronavirus recovery. Storage capacity in Europe was 70.75% on Sunday, 15 percentage points below the five-year average.

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