Commodities
European Gas Prices Soar Over 90% Year-On-Year in August
The average spot price of natural gas in Europe, based on the TTF index, rose by more than 90% year-on-year last month. In August, it stood at $21.03 per 1 million BTU, marking a significant increase.
This rise is evident in both the TTF and NBP trading hubs, with prices increasing by 17% and 19% respectively on a monthly basis. The average spot price of gas at the NBP hub amounted to $20.62 in August, representing an increase of 93% year-on-year.
The report by the Gas Exporting Countries Forum highlights this significant surge in gas prices, which may have implications for European markets and economies.