On September 10, European gas prices reached $988 per 1,000 cubic meters, according to data from the London ICE Exchange.
October futures at Europe’s largest TTF distribution center opened trading at $951.3 (-0.2%) and rose to $987.8 by 15:53 Moscow time, representing a 3.6% increase compared to the previous day’s rate of $953.4 per 1,000 cubic meters.
Prices had already exceeded $900 on September 8 and are now approaching the $1,000 mark per 1,000 cubic meters. The main drivers behind this surge include the Middle East conflict and critically low reserves in European storage facilities.
As Europe prepares for winter with a record gas shortage, rising costs are already slowing down economies and affecting consumers’ wallets.
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 current stock levels are not a record but new records will still be set. According to Peskov, Europe could activate one line of the Nord Stream pipeline, which remains operational and capable of being launched overnight.
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 this resource. Fico attributed potential hikes to the EU’s energy policies and what he described as insufficient consideration of real market conditions.
