Average Gas Price in European Exchange Increased by About 50% in July

Calculations by the "Novosti" agency, based on data from the London ICE exchange, indicate that the average monthly settlement price for gas in the European market surged by around 50%. The available data shows that the gas price rose from $1,180 per thousand cubic meters last month to approximately $1,805 this month. Experts interviewed by the agency indicate that the ongoing tensions with supplies from Russia continue to exert pressure on the market in the region. In July, natural gas futures were traded according to the TTF index (for delivery in August and September) between $1,530 and $2,385 per thousand cubic meters, while in 2021, the price was below $500 in the same month. In a conversation with the agency, expert Alexander Amiraghian, head of the "Energy and Fuel Sectors Economy" department at the Strategic Research Center, stated, "The current price level is the result of a combination of factors, including reduced supplies from Russia and uncertainty about the prospects for recovery." He noted that the hot weather in Europe has also contributed to the increase in gas prices. The expert also mentioned that a decline in energy generation from alternative sources is among the contributing factors.