European Gas Prices Hit Record High

European spot gas prices have surpassed $1,050 for the first time since December 2022. Prices surged to a record high at major European gas hubs on Tuesday, local time.

According to data from the Dutch TTF hub, Europe’s benchmark gas trading hub, spot gas prices for next-day delivery reached $1,052 per 1,000 cubic metres, equivalent to €90.75 per megawatt-hour.

Meanwhile, data from the London-based ICE exchange showed that November gas futures traded at around $1,042 per 1,000 cubic metres, equivalent to €89.83 per megawatt-hour.

Analysts attribute the extreme volatility in Europe’s gas market to record-low gas storage levels ahead of winter and rising geopolitical tensions in the Middle East.

Earlier, Gazprom CEO Alexei Miller warned that European gas prices had already reached between $1,000 and $1,100, far exceeding initial forecasts.

Russian President Vladimir Putin also commented that European gas prices on the international market could eventually reach $1,500 per 1,000 cubic metres.

Source: TASS