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European Gas Futures top $3,600 per 1,000 cubic meters

  • By Al Mayadeen net
  • Source: Agencies
  • 7 Mar 2022 11:59
2 Min Read

On March 4, gas futures prices in Europe jumped by 30%, reaching a high of $2,400 per 1,000 cubic meters.

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  • European Gas Futures top $3,600 per 1,000 cubic meters
    The surges stem from supply fears as sanctions are imposed on Russia (energyintel.com)

According to the London-based ICE exchange, European gas futures have reached an all-time high of over $3,600 per 1,000 cubic meters.

Based on the current euro/dollar exchange rate, the April futures price at the TTF hub in the Netherlands increased to $2,610.7 per 1,000 cubic meters, or 231 euros per megawatt-hour (MWh).

European and British gas prices surged Friday, reaching record highest as crude oil spiked in light of the Ukraine crisis.

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The surges stem from supply fears as sanctions fall on Russia over its special military operation in Ukraine to de-nazify the country and curtail NATO's eastward expansion.

Europe's Dutch TTF gas price spiked at 213.895 euros per megawatt-hour in afternoon trading and UK gas reached 508.80 pence per therm (100,000 British thermal units).

For four trading days in a row, the price of gas on the European stock exchange has surpassed historic records.

Germany suspended the Nord Stream 2 pipeline project with Russia in February in response to Moscow's recognition of Donetsk and Lugansk's independence.

  • Europe
  • gas
  • Gas prices
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