European gas prices rose significantly in July
European gas prices rose significantly in July, surpassing $600 per thousand cubic meters due to escalating tensions between Iran and the United States following the collapse of a June memorandum of understanding. Prices reached record levels above $700 on some days amid ongoing regional conflict.
Consensus
- European gas prices rose in July after the escalation of conflict between Iran and the United States.
- Prices were tracked using data from the London ICE exchange.
- The TTF hub in the Netherlands was used as a reference point for European gas futures pricing.
- Futures contracts for August were affected by market fluctuations.
Points of divergence
- Gas prices exceeded $700 per thousand cubic meters for the first time since March 23, with TTF futures reaching $716 at 8:46 MSK on an unspecified date. — kommersant
- Prices reached $600.3 per thousand cubic meters by midday on July 13 and rose by 4.4% during the day. — vedomosti
- Gas prices fell by 9% to $509 per thousand cubic meters on June 15 due to a U.S.-Iran agreement, with TTF futures dropping to $508.7 by 22:00. — vesti
- The escalation of conflict began on July 8, when Iran and the United States resumed attacks against each other. — kommersant
- The EU approved a phased phase-out of Russian gas contracts by 2027, with LNG imports banned from January 1, 2027, and pipeline gas from September 30, 2027. — vedomosti
- The EU imported a record amount of liquefied natural gas from Yamal LNG in the first half of the year—9.89 million tons, an 18% increase compared to the same period last year. — vedomosti
Coverage (3 sources)
- Gas prices in Europe exceeded $700 for the first time since late March — Коммерсантъ
- Gas price growth in Europe accelerated to 4% — Ведомости
- European Gas Prices Plunge 9% in One Day — Вести