Gas price in Europe smashes all-time high

gas crises EU - Gas price in Europe smashes all-time high

LONDON: European prices for natural gas exceeded $2,150 per 1,000 cubic meters for the first time ever, on Wednesday, according to Intercontinental Exchange’s London clearing house.

The January futures on the title transfer facility hub in the Netherlands traded at $2,150 per 1,000 cubic meters, marking a 27 percent increase from Monday, RT reported.

On Tuesday, Russian gas exporter Gazprom halted gas transit to Germany via the Yamal-Europe pipeline. According to the presidential press secretary, Dmitry Peskov, the decision was purely commercial and not related to the delay of the Nord Stream 2 project.

Europe has seen an unprecedented growth in energy prices as Germany continues to postpone the launch of the Nord Stream 2 pipeline, citing concerns that it doesn’t meet EU regulations. Germany insists the delay is not political, despite strong opposition to the construction of the pipeline from the US, Poland, and Ukraine.

The pipeline was built to deliver extra supplies of Russian natural gas to Europe. The project was completed in September, despite facing many obstacles, including US sanctions and changing European regulations.

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