The price of gas in Europe has reached its maximum since 2022 - more than 1,100 dollars per thousand cubic meters. Gas prices in Europe rose to the highest levels since the end of 2022. The market seems to have lost hope for a quick resumption of LNG supplies through the Strait of Hormuz, and the weather forecast predicts a freezing point in Europe, Reuters notes. Persistent Iranian shelling of ships, along with low gas stocks in Europe, remain the main factors for traders, according to Nefesh Energy analysts. Dutch TTF futures rose during trading in the Netherlands to ($1,150 per 1,000 m3 (€97.4/MWh). In the UK, similar futures also rose by about 3%. Both contracts reached their highest price levels since December 2022. High prices, however, do not affect the European economy today as much as they did four years ago, said Tatyana Mitrova, a fellow at Columbia University's Center for Global Energy Policy. The European Union now, in principle, does not need the amount of gas it previously purchased from Russia, she explains: countries are rapidly developing renewable energy and energy storage systems, have established purchases of LNG from the US and reduced the demand for gas, among other things due to the fact that several gas-intensive production facilities in Europe have been closed and will not return. More details.

The price of gas in Europe has reached its maximum since 2022 - more than 1,100 dollars per thousand cubic meters. Gas prices in Europe rose to the highest levels since the end of 2022. The market seems to have lost hope for a quick resumption of LNG supplies through the Strait of Hormuz, and the weather forecast predicts a freezing point in Europe, Reuters notes. Persistent Iranian shelling of ships, along with low gas stocks in Europe, remain the main factors for traders, according to Nefesh Energy analysts. Dutch TTF futures rose during trading in the Netherlands to ($1,150 per 1,000 m3 (€97.4/MWh). In the UK, similar futures also rose by about 3%. Both contracts reached their highest price levels since December 2022. High prices, however, do not affect the European economy today as much as they did four years ago, said Tatyana Mitrova, a fellow at Columbia University's Center for Global Energy Policy. The European Union now, in principle, does not need the amount of gas it previously purchased from Russia, she explains: countries are rapidly developing renewable energy and energy storage systems, have established purchases of LNG from the US and reduced the demand for gas, among other things due to the fact that several gas-intensive production facilities in Europe have been closed and will not return. More details.