Gas prices in Europe hit all-time high, but Gazprom share slip

Prices for November gas futures at the TTF hub in the Netherlands approached $2,000 per 1,000 cubic meters (159.88 euros per megawatt-hour, exceeding $1,950 per thousand cubic meters), according to data from the ICE exchange.

The price has increased by 38 percent.

At the opening of trading on October 6, gas was traded at about $1,550 per thousand cubic meters. Against the background of a record rise in gas prices, Gazprom shares have renewed their all-time high value.

Analysts believe that the rise in prices may continue. Saxo Bank experts believe that the launch of Nord Stream 2 gas pipeline would help lower the prices. If the upcoming winter is cold and gas supplies do not increase, Europe will face a dark and expensive time, Saxo Bank experts say.

Frans Timmermans, Deputy Chairman of the European Commission (EC), believes that unfavorable market conditions are the cause of the current energy crisis in Europe. According to him, the demand for energy resources is currently the highest in 25 years.

Meanwhile, Gazprom shares slipped by 4 percent an hour after they sett a historic record in their value. First, during the trading on the Moscow Exchange on October 6, the securities of the Russian gas monopoly renewed their all-time high record. At 10:02 Moscow time, they rose to 397.64 rubles per share. At 10:55 am, the shares began to decline and fell to 381.77 rubles at the minimum at 11:06. At 11:35, they were trading at 388.8 rubles per share.

Sberbank shares also lost heavily after several days of growth and a record price set the day before. At 11:25 am, they fell to 360.04 rubles per share (down 4.1 percent from their daily peak). At 11:35 am, Sberbank shares cost 365.91 rubles per share.

Against the background of the decline in the value of shares of Russian companies, the Moscow Exchange index dropped to the level of the trading opening (4226.08 points, plus 0.05 percent), the RTS index went down by 0.28 percent (1835.01 points).