Gas prices in Europe surge threefold in summer to $2,500 per 1,000 cubic meters

MOSCOW, SANA- Gas prices in Europe soared almost threefold by the end of summer to about $2,500 per 1,000 cubic meters, according to London-based ICE data and TASS calculations.

Gas futures stood at about $960 per 1,000 cubic meters on June 1. The trading session on August 31 ended at the level of $2,490 per 1,000 cubic meters, up 2.6-fold against early summer. The peak price was $3,541 per 1,000 cubic meters, being close to the record set on March 7 – almost $3,900.

The average gas prices in Europe amounted to about $1,240 per 1,000 cubic meters in June, $1,850 per 1,000 cubic meters in July, and $2,515 per 1,000 cubic meters in August.

Contraction of gas pumping over the Nord Stream pipeline was among main drivers of such dramatic growth, along with the seasonal factor of liquefied natural gas purchases in Asia.

Source / TASS

Manar Salameh/ Ruaa al-Jazaeri