Gas prices in Europe skyrocketed to nearly $500 per thousand cubic meters. This happened against the background of low stocks in storage facilities in Europe and declining supplies of liquefied natural gas (LNG).

Particularly, spot prices have broken a historic record at the TTF hub in the Netherlands, where the cost of a thousand cubic meters per day increased by 5 percent to $484. Meanwhile, there is a rise in the price of LNG in Asia. September futures on the Asian spot Platts JKM index reached $529 per thousand cubic meters, and the most expensive contract for the coming winter, for February 2022, costs $570.

According to Kapitonov, a gas analyst at the “Skolkovo” Energy Center of the Moscow School of Management, a price reduction should not be expected before the launch of “Nord Stream 2”. The first commercial deliveries on the first line may begin in October 2021.