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.