Gas prices in Europe increased by 16% during the summer
Eviralnews,, London Intercontinental Exchange (ICE) data and TASS news agency calculations show that the price of gas in Europe increased by 16% during the summer and reached about 449 dollars per 1000 cubic meters.
The main factors of this increase have been the gas transit situation through Ukrainian soil following the attack of the Ukrainian armed forces on the Kursk region of Russia, hot weather and changing the route of LNG gas supply to Asia.
On May 31, gas prices reached about $388 per 1,000 cubic meters, and on August 30, they closed at $449, up 16 percent from late spring.
In May, the average price of gas in Europe was about 357 dollars per 1000 cubic meters, but then gradually increased to 384 dollars in June (+5% compared to the previous year), in July to 366 dollars (+ 9 percent) and reached $437 (+10 percent) in August.
According to this report, several factors have contributed to the increase in gas prices. Warm weather, increased demand for gas-fired power generation, a shift in LNG supply to Asia, supply disruptions from Norway and the United States, and reduced electricity generation from wind power all contributed to the increase.
In addition, a large-scale attack by Ukrainian forces in August on the Kursk region, where the Sudja gas pumping station is located, further increased gas prices in Europe.
At the same time, Europe's underground gas storage (UGS) facilities are now more than 92% full, only slightly below the 2023 record. These facilities currently store more than 102 billion cubic meters of gas.
However, gas reserves in European storage facilities may not be sufficient for the winter if unexpected conditions occur, including a severe cold wave or disruption of fuel imports from Russia.
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