MOSCOW, September 1. /TASS/. The average monthly gas price in Europe reached its highest level since late 2022 in August, at $744 per 1,000 cubic meters, amid record-low gas inventories ahead of the coming winter and the ongoing conflict in the Middle East, according to futures data from London's ICE exchange and TASS calculations.
European gas prices nearly doubled in August compared with the same month a year earlier and were also 17% above the July average.
While gas futures traded at around $709 per 1,000 cubic meters on July 31, trading closed at about $840 on August 31, up 18.5% from the end of the previous month.
The price of gas at European hubs averaged $481 per 1,000 cubic meters in the first quarter of this year and $550 in the second quarter, while the third-quarter average currently stands at $691.
In January 2025, the average gas price in Europe was around $517 per 1,000 cubic meters (up 53% year-on-year from 2024), followed by $542 in February (+88%), $467 in March (+55%), $409 in April (+28%), $412 in May (+15%), $439 in June (+14%), $410 in July (+12%), $394 in August (-10%), $393 in September (-5.5%), $384 in October (-16%), $368 in November (-25%), $334 in December (-32%), $415 in January 2026 (-20% year-on-year from 2025), $396 in February (-27%), $632 in March (+35%), $544 in April (+33%), $570 in May (+39%), $534 in June (+22%), $638 in July (+55%), and $744 in August (+89%).
