Data from the ICE exchange in London showed that European gas prices rose rapidly on Monday evening, reaching 11%, and amounting to $734 per thousand cubic meters.
September futures contracts (nearest delivery) on the TTF (Europe's largest distribution center, located in the Netherlands) opened at $670.10 (up 1.1%). The current low is $666.40 (up 0.6%), while the high is $740.80 (up 11.8%). At 22:02 Moscow time, the price stood at $734.4 (up 10.8%). These price changes are based on the previous day's estimated price of $662.6 per thousand cubic meters.
The conflict in the Middle East has led to a significant increase in gas prices in Europe. Average exchange prices in March rose by nearly 60% compared to February, exceeding $600 per thousand cubic meters.
Throughout these months, prices remained volatile. By the end of July, estimated prices had jumped by almost 20% compared to the previous month, averaging $637.5 per thousand cubic meters.
Gas prices rose sharply during 2021 and 2022. Europe had not seen such high prices since 1996, even in the history of gas distribution centers. Prices reached a record high of $3,892 per thousand cubic meters in early spring 2022.
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