15 Sep. 2021 06:15 clock
The price of natural gas on the European market hit a new record on Tuesday at $ 810 per 1,000 cubic meters, according to stock exchange information. Due to the delivery bottlenecks, however, experts did not rule out possible further growth.
The gas features for October at the Dutch trading center TTF exceeded the mark of 800 US dollars per 1,000 cubic meters or 65.5 euros per megawatt hour in household figures on September 14. With a price increase of over US $ 70 per 1,000 cubic meters in just one day, the price of gas in Europe has now reached its highest level in at least ten years.
Experts warned the news agency TASSthat the current rise in the price of raw materials in Europe is unusual and unstable, but that new price records are quite possible in view of the low storage volumes and the rapidly approaching winter. Due to various factors, including rising gas prices in the Asian market and weather conditions, gas prices could potentially reach $ 1,000 per 1,000 cubic meters, it said.
The experts believe that starting gas deliveries via the recently completed Nord Stream 2 pipeline as quickly as possible could save the European energy market. The director of natural resources and raw materials at the international rating agency Fitch Ratings, Dmitri Marintschenko said:
“At the moment, the commissioning of Nord Stream 2 can increase the gas supply.”
The expected daily capacity of gas deliveries through the two strings of Nord Stream 2 is comparable to the total volume of liquefied gas currently being delivered to Europe, said Alexei Griwatsch, deputy head of the Russian Energy Security Fund.
Earlier this month, Gazprom announced that the construction of the Nord Stream 2 pipeline had been fully completed. Commissioning is planned for the end of 2021, immediately after all the necessary certifications have been carried out.
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