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FX.co ★ EU gas prices surging ahead of winter

EU gas prices surging ahead of winter

EU gas prices surging ahead of winter

Gas prices are surging in Europe. Ahead of winter and the heating season, the price for natural gas is hitting new highs. For example, gas futures for October have reached the peak level of $598 per 1,000 cubic meters. According to the ICE Futures exchange data, EU gas prices have set another record. Even after a slight correction to just over $590 per 1,000 cubic meters, it is still an all-time high. The growth began after the announcement of the auction results for booking additional gas transit capacity via Ukraine in September. According to the RBP platform, Gazprom bought up only 0.65 million cubic meters per day, 4.3% of the volume. Gazprom's decision to stop selling gas to European buyers in 2022 through its Electronic Trading Platform (ETP) may have impacted the recent developments. The trading was terminated after the German Court of Appeal announced its decision concerning compliance with the EU Gas Directive in the EU Third Energy Package framework. Gazprom will have to comply with the European regulations. They prescribe to separate the pipeline owners and the fuel supplied via it, as well as to allow independent suppliers access to half of the EU transit pipeline capacity.


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