Average gas prices on European markets have continued to rise, surpassing $80 per 1,000 cubic meters on Wednesday, according to trading data
MOSCOW (Pakistan Point News / Sputnik - 05th August, 2020) Average gas prices on European markets have continued to rise, surpassing $80 per 1,000 cubic meters on Wednesday, according to trading data.
At the Dutch TTF hub, spot quotes for gas were recorded at $83 per 1,000 cubic meters on Wednesday. Similar prices were also registered at German hubs, although the Central European Gas Hub (CEGH), based in Austria's Baumgarten, reported prices of $105 per 1,000 cubic meters.
On Monday, prices at the Dutch TTF hub were $78 per 1,000 cubic meters, and prices in July did not exceed $62 per 1,000 cubic meters.
According to VYGON Consulting's Ekaterina Kolbikova, rising gas prices have been caused by the weather factor and a corresponding rise in oil prices as economic activity resumes following the easing of COVID-19 lockdown measures.
"An equally important positive factor is the recovery of oil prices, which allows companies to sell gas for export at a higher cost," Kolbikova told Sputnik.�
Looking ahead, Gazprom will look to focus its sales at the Dutch TTF hub, which has a trading volume 40 times higher than the CEGH in Austria, Kolbikova added.
In July, the head of Gazprom's financial department Alexander Ivannikov said that the Russian gas giant expects spot prices to begin growing significantly in the fourth quarter of this year.
