European natural gas prices continue to soar

Gas prices in Europe continued to rise on Wednesday, reaching over $1,150 per 1,000 cubic meters, according to data from the Intercontinental Exchange.

The price of November futures on the TTF hub in the Netherlands has so far increased to $1,155 per 1,000 cubic meters, or €96 per megawatt hour in household terms.

At the auction on Monday, Russia’s Gazprom did not book additional capacities for the transit of natural gas through Ukraine for November, which were offered by the Ukrainian operator GTS. In addition, Gazprom has booked only 31.4 million cubic meters of gas per day for November, out of the 89 million cubic meters per day proposed at the auction of capacities for pumping gas through the Yamal-Europe pipeline through Poland.

Russian Deputy Prime Minister Alexander Novak said on Saturday the country’s gas consumption is running at a record high, but Moscow is still ready to increase supplies to Europe should it receive such requests. He added that commercial gas deliveries via the Nord Stream 2 pipeline might start right after the German regulator grants its permission.

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