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Breakthrough: the price of gas in Europe climbed to $1350

Breakthrough: the price of gas in Europe climbed to $1350

Natural gas prices on the spot market surged to a new record high of $1,350 per 1,000 cubic meters for the first time. The last time growth occurred was in October 2021. 

Most likely, the price hike on Monday, October 13, was due to the announcement of the German Foreign Ministry about the temporary suspension of the Nord Stream 2 pipeline certification. As Minister Annalena Baerbock said on the air of the German TV channel ZDF, European law must be applied to all energy projects in the country, and the Russian project fails to comply with these norms so far. The Minister is known as an opponent of the project's completion.

With the shortage of natural gas in European underground gas storage facilities, this news provoked a sharp increase in the price of natural gas. An alternative to the Russian pipeline is U.S. LNG. Yet, most tankers have been redirected to China, also suffering from the energy crisis. 

Recall that Nord Stream 2 was completed in September 2021, when the spot market was already experiencing record price levels. However, the certification and launch of the pipeline were postponed several times. The final receipt of all permits will likely be delayed until the spring of 2022.   

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