At TTF, the Netherlands-based virtual natural gas trading point with the deepest depth in Europe, the gas price per megawatt-hour increased by 23.7 percent during the day, reaching 38.4 euros for September futures contracts.

For October futures contracts, the gas price per megawatt hour rose to 41.5 euros.

After this increase, prices saw the highest level of the last 5 weeks. Prices, which were 38.4 euros on 30 June, decreased to 35.2 euros on 3 July and have followed almost a horizontal course since that date.

Prices, German energy company E.ON Chief Executive (CEO) Leonhard Birnbaum, in the meeting held regarding the company’s 6-month balance sheet, showed that Europe’s natural gas imports from Russia fell rapidly, this situation changed the European market structurally, and therefore wholesale energy It started to rise after it stated that prices in the markets will remain high in the near future.

Stating that Russian gas will continue to decrease in Europe’s natural gas supply, Birnbaum warned that the energy crisis is not over yet.

Reminding that the more expensive liquefied natural gas (LNG) is used in Europe instead of Russian natural gas, Birnbaum stated that this situation raises the gas prices in Europe to the price level in Asia.

On the other hand, Gas Infrastructure Europe data showed that the occupancy rates of gas warehouses in Europe rose to 87.7 percent as of August 6, and these rates were ahead of the targets in the plan to reach 90 percent occupancy on 1 November.

Prices broke records at this time last year.

Gas prices reached record levels in Europe due to the supply-demand imbalance that emerged after the COVID-19 epidemic and the supply constraints after the Russia-Ukraine War.

After remaining high for about 1.5 years, gas prices fell to 23 euros per megawatt-hour on 1 June, the lowest level since September 2021, as a result of the decrease in gas demand in Europe and the increase in occupancy rates in warehouses.

Prices hit their highest level in history, surpassing 300 euros per megawatt-hour in August 2022.

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