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