icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm
18 Oct, 2021 14:42

European gas prices surge 20% after cooling down to $980 per 1,000 cubic meters

European gas prices surge 20% after cooling down to $980 per 1,000 cubic meters

Gas prices in Europe have topped $1,300 per thousand cubic meters on Monday after declining to almost $980 in earlier trading on London’s ICE exchange.

The price of gas futures for November delivery at the TTF hub in the Netherlands went down to $983.50 per thousand cubic meters Monday morning, marking a long-anticipated drop of around 10% compared to the previous trading day.

However, the decline was followed by a spike in prices of more than 20%. Earlier this month, the TTF hit an all-time high as the gas price topped $1,900 per thousand cubic meters.

Also on rt.com Soaring energy prices push Russian ruble to multi-month highs against dollar & euro

Seasonal factors exacerbated by the reopening of European economies after Covid-related lockdowns along with Brussels’ unwillingness to approve Russia’s Nord Stream 2 gas pipeline created the perfect storm for energy prices in the region, sending them to all-time highs.

Meanwhile, European underground storage facilities are underfilled ahead of a winter season that is expected to be particularly cold.

For more stories on economy & finance visit RT's business section