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European gas prices to increase further in event of harsh weather, Wintershall CEO says

“Prices might go up if the winter is very tough,” Mehren said during a televised conference with investors. He stressed, however, that he was not unduly concerned about the current shortage of gas on the market.

On Tuesday, prices in Europe hit $1,090 per 1,000 cubic meters on London’s Intercontinental Exchange. Earlier this month, gas prices topped a record high of $1,900.

According to Mehren, the tension in the European gas markets would be relieved by the launching of the Nord Stream 2 pipeline from Russia. The recently-completed pipeline is awaiting EU approval before starting natural gas deliveries.

“I assume that, once Nord Stream 2 is on stream, Russia will be able to export more gas from its northern gas fields, so that will stabilize the supply situation,” he said.

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