Gas prices in Europe surge past $590 for 1,000 cubic meters

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The price of gas in Europe on Monday crossed the $590 mark per 1,000 cubic meters, according to data from the London Stock Exchange ICE.

The price tag for the October futures contract on the TTF hub in the Netherlands reached $592 in morning trading.

It later lost some of the gains, but still traded above the peak price of $580 reached last week.

After initially hitting record highs, gas prices last week fell by nearly $100 per 1,000 cubic meters over false reports on the alleged launching of gas deliveries via Russia’s Nord Stream 2 pipeline and over Gazprom’s later statements about possibly supplying 5.6 billion cubic meters of gas via Nord Stream 2 in 2021.

The controversial pipeline, which runs between Russia and Germany along the bottom of the Baltic Sea, was built to deliver up to 55 billion cubic meters of natural gas per year from Russia’s Siberian gas fields to Europe. Last week, Russian President Vladimir Putin said there are only 15 kilometers of the pipeline remaining to be set up, with experts stating the pipeline will be able to start gas deliveries by year-end.

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