OREANDA-NEWS  The cost of gas on the London ICE exchange exceeded $ 500 per thousand cubic meters. The record price growth is evidenced by the auction data.

The price of fuel according to the Dutch TTF hub index has exceeded the $500 mark for the first time since November 2023. At the maximum, futures for December delivery rose in price to $ 500.5 per thousand cubic meters.

According to experts interviewed by The Wall Street Journal, fuel in Europe is rising in price against the background of the cold snap and the beginning of the heating season. The price increase will be short-lived, they warn.

"If the weather is the only factor contributing to the price increase, we expect that a significant part of today's growth will be lost by the end of the week," Ritterbusch analysts said.

According to Gas Infrastructure Europe, gas storage facilities in Europe are 93.6 percent full, which is higher than the average over the past five years. Experts believe that prices were also affected by a decrease in electricity generation from wind farms, which spurred demand for fuel.

According to the data of the Statistical Service of the European Union (EU), according to the results of the first eight months of 2024, Russia and Algeria became leaders in terms of the growth rate of their share in gas supplies to EU countries. The share of the Russian Federation in the structure of European gas imports in January-August increased by 4.6 percentage points (pp) to 18.3 percent. In turn, Algeria's indicator increased by 4.9 percentage points during the reporting period and reached 21.3 percent.