Gas prices in Europe jump above $1,900 per thousand cubic meters

Exchange prices for gas in Europe rose moderately, exceeding $1,900 per 1,000 cubic meters, reported from the London Stock Exchange ICE.

Futures contracts for gas supplies in August amounted to $1,930 per 1,000 cubic meters.

The cost of gas jumped sharply on Monday after Gazprom announced a plan to reduce supplies via Nord Stream, the key gas pipeline from Russia to Europe, on July 27 to no more than 33 million cubic meters per day. This is 20% of the rated power of the line.

The estimated gas price on the European stock exchange in July averaged $1,742 per thousand cubic meters, several times higher than the same period last year. Such persistently high prices have not been seen in the history of gas hubs in Europe since 1996.

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