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Price of gas in Europe approaches USD 2,200 per 1,000 c/m

21 September 2022 15:05 (UTC +04:00)

The price of gas in Europe during trading on Wednesday approached the mark of $2,200 per 1,000 cubic meters, according to data from the London ICE exchange. The total increase in the cost of gas since the beginning of the day is 10%, APA-Economics reports citing TASS.

The cost of October futures at the TTF hub in the Netherlands rose to $2,190 per 1,000 cubic meters. m, or 213.75 euros per MWh (based on the current euro/dollar exchange rate, ICE prices are presented in euros per MWh).

Previously, the reduction in gas prices occurred as gas reserves in European storage facilities approached their maximum – now they are already filled by more than 86% in total. Previously, the EU countries pledged to fill UGS facilities by at least 80% by the winter of 2022-2023 and by 90% by all subsequent winter periods.