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EU Gas Prices Surge Promises Expensive Winter For Europeans

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EU Gas Prices Surge Promises Expensive Winter For Europeans

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The price of gas in Europe, for the first time in history, reached $900 per thousand cubic meters, follows from ICE Futures trading data.

On September 15th, the cost jumped by 12%.

The price of the October futures on the Dutch TTF index at 9:35 am Moscow time was $841.39 per thousand cubic meters. By 10:21, it increased to $851.27, and a little later – at 10:46 – it exceeded $875.84.

The previous record was set on September 14th when the figure reached $810.

The cost of fuel in Europe since the beginning of the week has increased by 22%, and since the beginning of September has soared by almost one and a half times – on September 1, gas was traded at $614 per thousand cubic meters.

Analysts believe that this dynamic is due to low stocks of raw materials in the EU due to the cold winter last year.

So, on September 14, European gas storage facilities were filled to 70.75%, last year the figure was 93%.

At the same time, according to experts, Gazprom does not want to increase pumping and sales against the background of the launch of the Nord Stream 2 pipeline.

These high gas prices in Europe are explained by the policy of the previous composition of the European Commission, Russian President Vladimir Putin said.

“Under long-term contracts and according to our pricing principle, Gazprom does not sell at such a price. the same Germany sells for 220. In any case, it was so recently. With the rise in oil prices, this price will rise, but it will be a soft thing,” Putin added.

The interests of Germany, like many European countries, lie in the need to obtain additional volumes of gas, these interests should be followed by the new leadership of the country, said the press secretary of the Russian president Dmitry Peskov.

“Chancellor Merkel never had any personal obligations. Any German Chancellor has obligations as the Federal Republic of Germany. Merkel did the same: she defended and defends the interests of her country,” Peskov said on the Big Game program on Channel One , answering the question whether there are fears that the new government of Germany, unlike Merkel, will not have personal obligations in relation to the agreements with Russia.

“The interests of Germany, like those of many European countries now, dictate the need to obtain additional volumes of natural gas. And it seems that the Germans must and will follow these interests,” he added.

Even in the U.S., the amount of gas in storage is 7.6% below the five-year average, according to recent data from the U.S. Energy Information Administration. Natural gas is an important heating fuel and is responsible for about 35% of power generation in the U.S., the federal agency found.

“People are starting to throw the ‘crisis’ word around” when it comes to Europe, said John Kilduff, partner with Again Capital. He said natural gas in storage in Europe is 16% below the five-year average, and the level in storage is a record low for September.

“Europe is squarely behind the eight ball going into the winter season. It’s going to put the focus on this commodity that’s been overlooked for the last several years,” said Kilduff.

The tipping point could come in several months when it becomes clear what type of winter is ahead for Europe, and also the U.S. Some analysts say in an extreme scenario, U.S. prices could double if there is an extended cold spell, particularly in Europe where shortages could get severe.

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Scaathor

Prices rise in Eurotrashistan but the Russophobe morons are wanting to limit purchases of Russian gas….

Get stuffed Eurofags… you’re welcome to freeze in the dark.

Corrupt shithole of Ukropisstan

Don’t worry guys, Russia will save the day as usual.
North Stream 2 FTW.

Jonathan Gillispie

Lucky that the US couldn’t stop the construction of Nordstream II. Otherwise they’d be really screwed.

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