The price of gas in Europe during today’s exchange trading surpassed $500 per 1,000 cubic meters for the first time since March 2025, according to data from the London-based ICE exchange.
The overall increase since the start of the day is about 4%.
The price of the February futures contract at the TTF hub in the Netherlands rose to $505 per 1,000 cubic meters, or 41.815 euro per MWh (based on the current euro-to-dollar exchange rate, with ICE prices quoted in euro per MWh).
Gas prices in Europe are rising amid colder weather across the region and increased withdrawals from underground storage facilities. Gas reserves in EU countries’ underground gas storage sites have fallen below 49%.
Since the start of the heating season on October 13, EU countries have withdrawn about 43 bln cubic meters of gas from storage. Net withdrawals (with total offtake exceeding injections) have surpassed 38 bln cubic meters.
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