The price of gas in Europe has reached its maximum since 2022

The price of gas in Europe in August 2026 reached its highest level since the end of 2022, amounting to $744 per 1,000 cubic meters. This is evidenced by data from the London ICE exchange and calculations by TASS on September 1.

The rising cost of gas is associated with a record low level of reserves in European storage facilities before the winter season, as well as the continuation of the conflict in the Middle East. By the end of August, gas quotations in Europe were almost twice as high as in the same month last year and were 17% higher than the average level in July.

At the same time, if on July 31, gas futures were trading at about $709 per 1,000 cubic meters, then by the end of August the price had increased to about $840, which is 18.5% higher than at the end of the previous month. In the first quarter of this year, the average price of gas at European hubs was $481 per 1,000 cubic meters, in the second quarter it was $550, and in the third quarter the figure is still at about $691.

The European Union is running out of gas. What does this mean?

The Guardian newspaper reported on August 29 that the European gas market was faced with increasing concerns about the heating season due to insufficient reserves in gas storage facilities. So, by the end of August, the gas storage facilities were filled by about 63%.

The average for this period is about 80%. If the current pumping rates are maintained, stocks by the beginning of winter may be about 20% lower than the average level over the past five years and become the lowest since 2013.