Analysts suppose that gas in Europe has reached its peak, climbing to $2,350 per one thousand cubic meters.
According to the negative scenario, in February-March 2023, the European Union will face considerable disruptions in gas supplies. Against the backdrop, the price of gas may soar to $5,000 or even higher. However, these speculative quotes have a minor influence on the European gas market, experts warned.
On August 11, futures on European gas contracts for delivery in September (TTF benchmark) were trading at a record high of $2,350 per one thousand cubic meters. The most suitable price of liquefied natural gas has already been exceeded. If the price continues rising, the EU economy will be significantly damaged.
Analysts are sure that the gas price in Europe has already hit its ceiling. Notably, gas will remain pricy for a long period of time – until the beginning of a heating season. At the moment, the EU is facing difficulties in finding an alternative to Russia’s LNG. What is more, the European Union has little time left to fill gas storage facilities as winter is inevitably approaching.
