European Gas Futures Hit New All-Time High Above $950 Per 1,000 Cubic Metres

© Sputnik / Alexei Danichev / Go to the photo bankA view of the gas torch. (File)
A view of the gas torch. (File) - Sputnik International, 1920, 15.09.2021
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MOSCOW (Sputnik) - Gas futures on the European market surged by over 20% and hit a new all-time high above $950 per 1,000 cubic metres on Wednesday, according to Ice Futures trading data.
October gas futures for Dutch TTF, the most liquid European hub, rose by 17.27% to $943 per 1,000 cubic metres as of 09:03 GMT. Minutes earlier the price reached over $905.
The spike in price was reported just a day after another record when Dutch TTF reached $801.2 per 1,000 cubic metres or 65.5 euros per MWh (based on the current exchange rate of the euro to the US dollar, prices for ICE are presented in euros per MWh).
Gas prices are growing due to supply lagging behind demand, as Europe reported its storage capacity was at around 70 percent last week - which is 15 percent less than the five-year average.
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