The price of gas in Europe jumped by 30%

The price of gas in Europe jumped by 30%
The price of gas in Europe jumped by 30%

The price of gas rose by 30 percent and once again exceeded $2,850 per 1,000 cubic meters in early trading today amid a complete shutdown of supplies along the Nord Stream gas pipeline. This is according to the data from the London ICE exchange, quoted by BTA.

The price of October futures on the TTF hub in the Netherlands rose to $2,853 per 100 cubic meters, or €279 per megawatt hour.

On September 2, Gazprom announced that during maintenance of the last operating Nord Stream pumping unit, engine oil leaks were discovered, and the holding company was forced to completely stop the supply of gas through the pipeline for an indefinite period in order to fix them.

At the same time, oil prices rose in Asian trade today by more than $1 per barrel, Reuters reported. This comes ahead of today’s meeting of OPEC+ oil cartel countries, where action is expected to be taken to adjust output to stabilize prices.

October Brent futures from the North Sea, Europe’s benchmark, rose $1.43, or 1.5 percent, to $94.45 a barrel. On Friday, quotes rose 0.7 percent

U.S. light crude oil added $1.25, or 1.4 percent, to $88.12 a barrel. On Friday, the value of the raw material rose by 0.3 percent.

Over the past three months, black gold prices have seen a decline amid the expected effect on the economy of the increase in interest rates by the world’s leading central banks, as well as the lockdowns in China due to covid.

Shares hit multi-year highs in March, when Russia’s offensive in Ukraine was in its early days and market uncertainty was high.


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