The price of gas on the European exchange has risen amid aggravated geopolitical tensions. Investors fear supply disruption against the backdrop of a special operation in Ukraine. RBK reports.
Exchange gas prices in Europe grew above $1,500 per 1,000 cubic meters in trading on Thursday, February 24. The price of March futures on the TTF hub in the Netherlands rose by 46 percent — to $1,520 per 1,000 cubic meters, according to trading data on the ICE exchange. Gas was last traded at these levels in December 2021.
Later, the growth of quotations slowed down and by the evening futures were traded at $1,475 per 1,000 cubic meters.
At the close of trading on February 23, the price for European gas was $1,060 per 1,000 cubic meters (rate at the close of trading on Wednesday).
Experts at BCS World of Investments attributed the price increase to concerns over Russian gas supplies to Europe. «Russian gas imports to Europe via Gazprom’s pipelines account for 40 percent of all supplies to the region. Bidders fear that geopolitical aggravation could lead to partial restrictions on Gazprom and exacerbate the deficit,» they said.
The situation on the European gas market was difficult even before the geopolitical situation worsened. Gas prices remained five times higher than normal levels throughout the heating season, which increased the financial burden on European industry and households, BCS World of Investments reports.
Kyrgyzstan purchases gas at $150 per 1,000 cubic meters at the border with Kazakhstan.
