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The Spot Price Of Gas In Austria Has Broken Through $100/Thousand Cubic Meters

The Spot Price Of Gas In Austria Has Broken Through $100/Thousand Cubic Meters

The spot price of gas for next-day delivery at the Austrian hub in Baumgarten on Tuesday broke the bar at $100 per thousand cubic meters (for the first time since the end of March), according to auction data.

The current quote is 8,209 euros per MWh ($100.1 per thousand cubic meters), and the maximum is 8.4 euros per MWh ($102.4 per thousand cubic meters). Last week, spot prices in Austria were, on average, at $76 per thousand cubic meters.

As noted by Bloomberg, gas prices are pushed up by the establishment of hot weather in Europe, which pulls the growth of energy use for air conditioning. Also, due to repairs, gas supplies from Norway have decreased.

Besides, since the beginning of August, Ukraine has increased gas imports from Europe by one and a half times. Deliveries exceeded 100 million cubic meters per day: including more than 40 million cubic meters of physical reverse from Slovakia and more than 60 million cubic meters of virtual reverse in the Slovak direction (on the export transit flow of Russian gas).