Gas price on European exchange surpasses $550, first time since November 15, 2023

The price of gas in Europe during exchange trading on Wednesday exceeded $550 per 1,000 cubic meters for the first time since November 15, 2023, according to data from the London ICE exchange. The growth since the beginning of the day is about 6%.

The price of February futures at the TTF hub in the Netherlands rose to $552 per 1,000 cubic meters, or 51.24 euro per MWh (based on the current euro-dollar exchange rate, ICE prices are presented in euro per MWh).

TASS reported earlier citing data from Gas Infrastructure Europe that gas reserves in underground storage (UGS) facilities in Europe fell below 55.5% and were lower than the level at the end of the 2022-2023 heating season. Since the beginning of the heating season, the EU has withdrawn around 47 bln cubic meters from UGS facilities. The current week in Europe is slightly cooler than the previous seven-day period, and next week is forecast to be even colder.

In addition, interruptions in gas supplies from Norway have also led to price growth.