Gas prices may rise to USD 3,000

The current energy crisis could bring gas prices to USD 3,000, or even higher when China starts securing its supplies, said Mamdouh Salameh, an international energy economist and visiting professor of energy economics at the ESCP Europe Business School in London.

"It is difficult to predict a potential price ceiling given the robust demand in the Asia-Pacific region and supply shortages worldwide, which push prices upward. The price could even hit USD 3,000. On the other hand, the LNG [liquefied natural gas] price has risen from USD 2 per mmBtu [metric million British thermal unit] eighteen months ago to USD 34.52 per mmBtu now. LNG prices could even spike to as high as USD 100 per mmBtu, mainly if there is harsh winter weather," the expert noted.

In trade today, the futures price for natural gas in Europe fell by 24% to USD 981.1 per thousand cubic meters. Yesterday, natural gas reached a record high of USD 1,937 per thousand cubic meters.

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