Alexey Belogoryev, Research and Development Director of the Institute for Energy and Finance, commented to Forbes on the reasons for the rise in spot gas prices on foreign markets and the impact of the Israeli-US war with Iran on the global gas market.
The average monthly spot prices in Europe remained at $415 per 1,000 cubic meters in April-May, which is 20% higher than in the same period in 2024, Alexey Belogoryev notes. In late May and early June, he says, prices rose, but not much: from June 1 to June 12, on average, to $426 per 1,000 cubic meters (+3%) against the background of a decrease in Norwegian pipeline gas supplies due to planned preventive maintenance of the Kollsnes gas processing plant and increased seasonal demand for air conditioning.
However, after June 13, gas prices rose in Europe and Asia, he notes. By June 23, prices had already risen to $500 per 1,000 cubic meters, the last time they were at this level at the end of March.
"It is difficult to explain this sudden increase other than the impact of the Iran-Israel war: there are no other prerequisites," the analyst argues. "It seems to me that participants in the gas market in this case have been subjected to a pack instinct, picking up on the nervousness of the oil market."
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