Gas prices for delivery in December double in 10 weeks on supply fears

Pipe systems and shut-off devices at the gas receiving station of the Nord Stream 1 Baltic Sea pipeline at Lubmin in Germany.  Oil has opened August on a weak footing after declining the prior two months on demand concerns.

European wholesale gas prices traded close to record highs yesterday, according to futures markets, which suggests that traders still fear that Russia will turn off the gas to the European Union in the coming months. 

Prices for the so-called Dutch TTF market which reflect prices paid in continental Europe for delivery in December traded on Tuesday at €206 per kilowatt hour. That's up 2.5% in the latest session and means the price of December gas has now doubled in the past 10 weeks.