European gas price surpasses $2,500 per 1,000 cubic metres Since early March

The price of gas in Europe rose above $2,500 per 1,000 cubic meters during Tuesday trading for the first time since March 8, according to data provided by London's ICE [Intercontinental Exchange].

The total increase in the gas price since the beginning of trading exceeds 8 per cent, TASS reports.

The price of gas futures for September delivery at the TTF hub in the Netherlands went up to $2,501.7 per 1,000 cubic metres, or 238.765 euros per MWh (on the basis of the current euro exchange rate against the dollar, prices at ICE are in euro per MWh).

Earlier, Gazprom did not rule out gas prices in Europe would climb above a record $4,000 per 1,000 cubic metres in the winter.

Gas exports to non-CIS countries went down by 36.2 per cent to 78.5 bln cubic metres in 7.5 months of 2022, according to the gas producer.

Moreover, the Gas Transmission System Operator of Ukraine has suspended the transit of gas to Europe via the Sokhranovka station since May 11 due to force majeure. As a result, Gazprom supplies gas for Europe through Ukraine via the Sudzha gas pumping station, while requests for pumping via Sokhranovka are rejected by the Ukrainian side.