The price of gas in Europe has exceeded $400

In an article by RBK, gas prices in Europe have exceeded $400 per 1,000 cubic meters for the first time since early May. This increase follows concerns about German industry's reliance on Russian gas. Prices on the TTF gas hub reached $404 per 1,000 cubic meters for July futures, up over 16%. The recent surge is attributed to factors like a Norwegian LNG plant shutdown and worries over Russian gas supply disruptions. Despite EU efforts to reduce reliance on Russian gas, the market remains sensitive and dependent on spot prices. Gas prices might continue to rise due to increased Asian demand for air conditioning. The global LNG market could stay in deficit until the mid-2020s, resulting in high prices unless demand factors intervene.