The average gas price on the European Exchange increased by about 50 percent in July

Calculations by the Novosti agency, based on data from the London Stock Exchange ICE, showed that the average monthly settlement price of gas on the European Exchange jumped by about 50 percent.

The price of gas has reportedly risen from $1,180 per thousand cubic meters last month to about $1,805 this month.

Experts interviewed by the agency say that ongoing supply tensions from Russia continue to put pressure on the region’s market.

In July, gas futures contracts traded on the TTF center index (for delivery in August and September) in the range of $1530-2385 per thousand cubic meters, while in 2021 it was less than $500 in the same month.

In an interview with the agency, expert Alexander Amiragyan, head of the department for the economics of the fuel and energy complex of the Center for Strategic Research Foundation, said: “The current price level is caused by a combination of factors, including low supplies from Russia and uncertainty. about the prospects for its restoration.

According to him, hot weather in Europe also affected the rise in gas prices.

The expert pointed out that one of the reasons contributing to this is also the low generation of energy from alternative sources.

Source: RIA Novosti