Gas Futures in Europe Hit New All-Time High of $1,450 Per 1,000 Cubic Meters
12:47 GMT 05.10.2021 (Updated: 14:46 GMT 05.10.2021)
© Sputnik / Ruslan KrivobokBooster pump station
© Sputnik / Ruslan Krivobok/
EU governments are in talks this week on whether a rise in energy prices calls for a coordinated response, with Czech Prime Minister Andrej Babis describing the situation as "critical".
The price of gas futures in Europe hit a new all-time high of $1,450 per 1,000 cubic metres, soaring more than 20 percent from Monday's level, according to trading data on ICE Futures.
The European Council will discuss storage of strategic gas reserves on Tuesday evening during the informal meeting in Slovenia, as well as at a formal meeting on 21 October in Brussels.
"I think we will discuss in the European Council not only tonight but in 2 weeks with the formal council how to deal with storage strategic reserve," President of the European Commission Ursula von der Leyen said on Tuesday.
2 October 2021, 13:26 GMT
On Monday, France and Spain called for changes to rules governing the EU's energy markets as prices for gas and electricity soar, dramatically increasing already-high utility bills.
"The gas price has massively and brutally increased over the last weeks. It is clearly a matter of huge concern for all of us. It is unfair. It is inefficient and it is very costly. It is time to have a look at the European energy market,'' French Finance Minister Bruno Le Maire said on Monday.
Spain's economy minister, Nadia Calvino, in turn, said that Europe needed a coordinated response to the crisis, as she urged the European Commission "to take decisive and urgent action to address this issue".
According to the European Trade Union Confederation, nearly 3 million EU workers cannot afford to heat their home.
EU Economy Commissioner Paolo Gentiloni said that the commission "will shortly present a toolbox of measures to mitigate the impact" of the price rise. Gentiloni urged countries only to take temporary measures that are consistent with Europe's goal to move to a non-carbon economy, to help those who have been hardest hit.
Europe has witnessed rocketing natural gas prices over the past few months, because of growing demand for energy in the post-pandemic global economy and limited flow from major suppliers. Last week, the price of gas futures in Europe broke a new record, exceeding $1,150 per 1,000 cubic metres.