European wholesale gas on summer rollercoaster as prices rise again

'The European market is over-supplied until possible cold weather arrives,' said an energy expert

The spot price of European gas had traded as low as €27 in late July, before surging to €43 briefly last week.  

European wholesale gas prices have continued to trade in a rollercoaster fashion on futures markets, marking a renewed period of volatility that the European Union Commission had worried over since the spike in energy prices in the months following the invasion of Ukraine last year.

On Friday, wholesale gas prices for delivery in September on futures markets climbed 8.5%, while the contract for December rose by over 3%.