The price of gas in Europe exceeded $1,100 per thousand cubic meters On October 26, the European gas market returned to levels not seen since the end of 2022: stock exchange rates added about 3.5% and exceeded $1,100 per thousand cubic meters. from. The conflict in the Middle East gave a considerable boost to prices in Europe. As a result, the average replacement price already in March increased by almost 60% compared to February and it turned out to be over $600 per thousand cubic meters. from. In September, European gas rose above $1,000 per thousand cubic meters for the first time since December 2022. from. The average figure for the first autumn month reached $897.1, which is 20% more than the August level. The main problem is the closure of the Strait of Hormuz, through which the supply of LNG from Qatar was actually stopped. ACER estimates that if Qatari exports do not recover, the global LNG deficit could reach 26 billion cubic meters by the end of 2026. from. Europe competes with Asia for American LNG. Against this background, the European Commission is not deviating from the plan for a full embargo on the supply of liquefied gas from Russia, which should come into effect on January 1, 2027.