Gas prices in Europe exceed the $3,300 mark

Economy

25-08-2022, 21:39

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Baghdad-INA

Gas prices in Europe exceeded, on Wednesday, the barrier of 3,300 dollars per thousand cubic meters, in the trading of the London Stock Exchange for the first time since last March.

The percentage of the total increase in the price of gas within 24 hours was only 11%.
The cost of September futures contracts, at the TTF outlet in the Netherlands, rose to $3,333 per thousand cubic metres, or 323 euros, per megawatt-hour (based on the current exchange rate of the euro/dollar).

This rise comes on the back of the rising cost of Asian futures contracts for the supply of LNG, due to the increasing competition in the market between developed countries, including Japan and South Korea, which are hoarding stocks before winter.