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Gas in Europe rose by 20% in a week

Gas in Europe rose by 20% in a week

Spot gas prices in Europe for the first week of autumn added 21%, reaching $142 per thousand cubic meters (in the contract for delivery on Monday at the Dutch hub TTF — the main platform in Europe).

The achieved level of quotations is the maximum since the end of December 2019 — that is, until the risk premium for disruption of supplies through Ukraine is removed from the market.

From a historical minimum of $34 per thousand cubic meters, which was recorded on May 21, the price of natural gas has already increased 4.2 times.

Gas prices are growing all over the world: on the American Henry Hub, they rose in August from $65 to $96 per thousand cubic meters, having adjusted to the current moment to $92.

Throughout the summer, the inflow of liquefied natural gas to terminals in Europe declined on an annualized basis: September also began with a decline of 4%.

In the last week of August, the European spot exceeded the $100 per thousand cubic meters mark — it is believed that the level of break-even of Russian gas supplies to Europe lies behind it. According to Fitch Ratings, the break-even level is $105 per thousand cubic meters, while Sberbank CIB estimates it is $90.

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