Gas prices in Europe Rise to more than 1-year High

Gas prices in Europe rose during trading on Wednesday to their highest level since November 2023, amid an increase in the pace of gas extraction from storage facilities, according to data from the London Stock Exchange.

The increase since the beginning of the day amounted to about 2%.

The cost of February futures contracts in the gas hub in the Netherlands rose to more than $ 546 per 1,000 cubic meters, or 50.75 euros per megawatt hour (based on the current exchange rate of the euro and the dollar).

Earlier, TASS reported, citing data from the Gas Infrastructure of Europe, that gas reserves in underground storage facilities on the continent fell below 60%, and daily extraction from warehouses approached one billion cubic meters for the first time in nearly four years. 

In the coming days there will be less reserves than at the end of the last fall and winter period, in addition to withdrawing more than 42 billion cubic meters since the beginning of the heating season this year, TASS added.

The International Energy Agency expects prices at the TTF gas hub in Europe in 2025 to be 30% higher than the previous year, with growth driven by the halt in Russian gas transit through Ukraine, increased summer gas demand for storage, and continued competition with Asia for LNG supplies.