Ship works offshore in the Baltic Sea on the natural gas pipeline Nord Stream 2 from Russia to Germany. (Bernd Wuestneck/dpa via AP)

The European gas market has been in turmoil since mid-summer this year, so in early August, short-term futures (futures) were traded at a price of $ 515 per thousand cubic meters, and in just two months – October 6, the same jumped to a historic high of $ 1937.

This was followed by a decline, and especially intensified after Russian President Vladimir Putin indirectly ordered Gazprom last week to start filling storage facilities in Europe on November 8, after the completion of filling Russian gas storage facilities.

But the prices of “blue energy” in Europe are still high, which increases the price of electricity for citizens and industrial entities within the EU.

Thus, gas prices, after a sharp fall on Friday, October 29, rose by almost 11 percent today, as confirmed by data from the London Stock Exchange ICE Futures.

This morning, December futures on Europe’s most liquid gas hub, the Dutch TTF, rose to $ 864 per thousand cubic meters, up 11 percent from the previous day’s price. It should also be recalled that in the evening of October 29, gas prices had fallen to $ 793.

The situation with gas supply and prices in the European market remains volatile, but it is already clear that the era of cheap gas is over. Regardless of that, it will still be the most important and cheapest energy source at the time of the so-called the transition phase from fossil fuels to renewable energy sources within the EU, which, according to the planned strategies, should be completed by 2050.