European gas prices top $500 for the first time since April 2023

Exchange gas prices in Europe for the first time since April 2023 exceeded $500 per 1,000 cubic meters. m, follows from data London Stock Exchange ICE.

The price of July futures at the TTF hub in the Netherlands rose to $539.67 per 1,000 cubic meters. m, or €47.59 per MWh. The price of gas in Europe continues to grow, as of 13.42 Moscow time it is already $543.41 per 1000 cubic meters. m, or €47.92 per MWh.

Gas in Europe has been falling in price since the end of August 2022. The fall accelerated in December last year, when stock prices fell below $800 per 1,000 cubic meters for the first time since February last year. m. March 9 this year, the price fell to $450 per 1000 cubic meters. m. After the end of the heating season in the EU (ended on April 6), gas prices continued to fall and on May 31 reached $282 per 1,000 cubic meters. m.

Then the cost of fuel began to rise. As early as June 9, the price of gas in Europe exceeded $350 per 1,000 cubic meters. m, and on June 13 – and $450 per 1000 cubic meters. m.

The cost of gas was reduced due to the high filling of gas storage facilities and stable supplies of liquefied natural gas (LNG). Also warm weather helped Europe to pass the heating season. As of June 13, EU storage facilities are 72.8% full.

At the same time, at the end of April, Russian President Vladimir Putin declaredthat world gas prices will rise. In April, Deputy Chairman of the Security Council of the Russian Federation Dmitry Medvedev expressed confidence that “a thousand euros per thousand cubic meters of gas will return soon.”