Gas prices have reached a two-year high in Europe
Photo: Copyright Stringer/Copyright 2022 The AP.
Gas prices in the European Union (EU) have risen to a record level for the last two years amid the depletion of fuel reserves in the storage facilities of the association. This was reported by BNN Bloomberg.
As of this day, gas futures rose by 5.4% to €58.75 per MWh - the highest since February 2023.
It is noted that due to the cold weather European countries are rapidly consuming gas reserves from storage, which only contributes to the growth of prices for this energy carrier.According to the latest data from Gas Infrastructure Europe (GIE), fuel reserves in the EU's underground storage facilities have fallen by more than 18 percentage points year-on-year and now stand at 49.9%. EU countries have used up more gas in the past three months than they have pumped in seven months.
Earlier, on February 7, ICE data showed that gas exchange prices in Europe exceeded $600 per 1,000 cubic meters for the first time since October 13, 2023.
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