Natural gas prices in Europe skyrocketed to a record-high $1,900 per 1,000 cubic meters during the trading session on Wednesday, according to ICE data, according to ICE data.
November futures at the TTF hub in the Netherlands had an upsurge to $1,936 per 1,000 cubic meters or 161.5 euro per MWh. Prices dropped later to $1,769 per 1,000 cubic meters or 147.58 euro per MWh.
Gas prices in Europe continue growing, despite news that tests started for the first string of the Nord Stream 2 gas pipeline.
The situation with Nord Stream 2
Recently, EU High Representative for Foreign Policy and Security Josep Borrell said in his blog that the Nord Stream 2 gas pipeline should in any case operate strictly within the framework of European legislation. In this regard, its commissioning is still "a subject for a discussion".
At the same time, Borrel stressed that Moscow uses energy resources as a tool to achieve its geopolitical goals. Many people see in its refusal to increase exports to Europe or replenish Gazprom's stocks of storage facilities as a way to put pressure on the European Union.
"First of all, it is in order to obtain a license to launch the Nord Stream 2 gas pipeline," Borrel is convinced.
In this regard, the diplomat calls on his European colleagues to demonstrate unity in order to firmly resist any pressure from Moscow.
According to Borrel, no European state can ensure its security if its decisions harm the security of the entire Commonwealth.