With winter beckoning, the Gas price in the EU has exceeded $1450 per thousand cubic meters of gas.

The record price of gas has been blamed on the low level of supplies in the European underground gas storages, along with a shortage of supplies from Russia. The low reserves in Europe could see potential supply cuts. Today, the European underground gas storages are only filled to less than 70% capacity, which is 15% lower than the average level during the past five years.

Gas price in Europe reaches a record high

 at the opening of trading yesterday, the price of gas in Europe exceeded $ 1,100 per 1,000 cubic meters. According to the stock exchange, the value of the October futures on the TTF hub in the Netherlands reached $ 1,073 per thousand cubic meters, and then sharply increased to $ 1,160 per thousand cubic meters. Gas prices rise amid low reserves in underground storage facilities in Europe.

Record-High Gas Prices Affect Many European Corporate Sectors reported

 Fitch Ratings.  Record-high natural gas prices are putting pressure on supply chains of many European corporate sectors, including non-integrated energy suppliers, fertilizer producers and consumer goods companies.  According to Fitch Ratings smaller companies in these industries are under the most pressure, while larger and more diversified issuers rated by Fitch are better positioned to mitigate the impact. Gas prices could remain high until the end of the winter heating season, given low levels of natural gas in European storage facilities.