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Gas price has risen to record in Europe

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The price of gas in Europe has risen at a record since mid-January of this year. 

Prices at the main hub of Europe TTF in the first days of May reached $ 295 per thousand cubic meters (a year ago in May, on average, gas for TTF cost $ 52, two years ago – $ 157).

It is noted that gas prices are growing against the background of a decrease in the supply of liquefied natural gas (LNG). For the current week, its deliveries have decreased by 8 percent in comparison with the previous days in April.

The level of fuel supply to underground storage facilities has also dropped. As the publication specifies, they are replenished by no more than 0.1 percent per day. At the same time, Europe felt the shortage of LNG in storage facilities after a cold winter.

Gas reserves in underground storage facilities in Europe in April 2021 did not grow, but decreased – for the first time in the history of observations of the public base Gas Infrastructure Europe (since 2011). 

Given that last year, in April, a record 9 billion cubic meters of gas were pumped into Europe’s underground storage facilities.

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