/ world today news/ The increase in gas exchange prices in Europe above 2,400 dollars per thousand cubic meters is probably due to the preventive works in Norway and the system through which gas is delivered from Azerbaijan, as well as to the increased competition for liquefied spot cargoes natural gas (LNG). ) from Asian importers, Alexey Grivach, deputy head of the National Energy Security Fund, commented to RIA Novosti.
Gas prices in Europe, according to London’s ICE exchange, closed Monday’s trade up 11.3% and for the first time since March 8 exceeded $2,400. The price of futures contracts for gas delivery in September (according to the TTF index) reached a maximum of $2,420 per thousand cubic meters.
„This appears to be due to preventative works being carried out at Norwegian production facilities and the system that supplies gas from Azerbaijan, as well as increased competition for LNG spot cargoes from major Asian importers.” Grivach said.
The European market faced a gas collapse last year. Experts attribute its rise to limited supply from major suppliers, low levels of underground gas storage (UGS) in Europe and high demand for LNG in Asia.
Now Europe continues to be under pressure, mainly due to the ongoing tension with supplies from Russia. Russian gas exports have fallen since the start of the military operation in Ukraine: deliveries via Nord Stream and through the Ukrainian gas transport system have decreased significantly, and via Yamal-Europe have stopped completely.
The average monthly settlement price of the nearest ICE gas futures, as reported by RIA Novosti, jumped by almost 50% in July – to about 1,805 dollars per thousand cubic meters from 1,180 dollars in June, while in the middle of last summer it did not exceed 500 dollars. Such permanently high prices have not been seen in the entire history of the operation of gas hubs in Europe – since 1996.
Translation: ES
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