Gas Price in Europe Once Again Exceeds USD 1,250

The gas price in Europe has surpassed USD 1,250 per 1,000 cubic meters, according to data provided by London’s ICE exchange.

The price of gas futures for November delivery at the TTF hub in the Netherlands currently stands at USD 1,254.5 per 1,000 cubic meters, that is, EUR 104.5 per kWh, the Russian agency TASS reports.

The British Reuters reports that Deputy Prime Minister Alexander Novak said on Friday that Russia could resume spot gas sales after it finishes filling its storage reserves, a step that could ease pressure on prices in Europe.

He added that gas production in the country was at its maximum and that, in October, the average Russian oil production is 9.8 million barrels a day.

His comments came as Russia faces pressure to step up gas shipments to Europe where prices have rocketed this year, Reuters writes.

ICE exchange

TTF hub Netherlands

Government of Russia

Alexander Novak

gas

prices

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futures for November

sale

reserves