Gas prices in Europe hit new record levels, for the first time in 5 months, amid continued uncertainty in global markets.

The price of gas in Europe rose above $2,500 per thousand cubic meters during trading Tuesday (August 16), for the first time since March, according to data provided by the London Stock Exchange and reported by the Russian TASS news agency.

Gas futures prices for September delivery rose in the Dutch TTF center (the main reference for gas prices in Europe) to 2501 dollars per thousand cubic meters, or 238.765 euros per megawatt-hour.

On March 7, the price of spot gas in Europe reached about $3,900 per thousand cubic meters, for the first time in history, according to information seen by the Specialized Energy Platform.

Winter gas price forecast

In this context, the Russian company Gazprom confirmed that it does not rule out that gas prices in Europe during the winter season may rise above the record of 4 thousand dollars per thousand cubic meters.

“We would like to note that in spot transactions in Europe gas prices exceeded $2,500… According to conservative estimates, if this trend continues, prices will exceed $4,000 per 1,000 cubic meters in winter,” Gazprom said, according to TASS.

Earlier, the spot price of gas in Europe on the London Stock Exchange exceeded $2,450 per thousand cubic meters, for the first time since March 8.

The latest price jump follows higher spot gas prices in Asia, the closure of several gas production and transmission facilities in Norway for scheduled repairs until the end of August, as well as rising temperatures and declining wind generation in Europe.