Not so long ago, gas prices in Europe were hovering near their highs. However, the news that Germany has almost filled its gas storage caused a 20% slump in the quotes. The decline was so rapid that Russia had to launch Nord Stream, which was allegedly closed for maintenance.
Notably, markets saw the highest gas prices in history at the end of August. Then, the gas price in the European market approached a record high due to limited supplies from Russia. The information was provided by the London-based ICE exchange and gas transmission operators. The expected price of gas futures for delivery in September totals $3,507.3. This is the highest price in the history of European gas hubs, which originated in 1996. During the last week, the commodity price jumped by $1,000, which is almost 40%.
Earlier, analysts at the Energy Development Corporation emphasized that the peak of the hurricane season in the United States might threaten the European gas market with disrupting supplies of American liquefied natural gas (LNG). Meanwhile, Rystad Energy supposes that the hurricane season will have a negative influence on the whole market.
