Europe’s gas price tops $1,050 for the first time since December 2022

In Europe, the spot gas price has reached its highest level since December 2022 after exceeding $1,050 per 1,000 cubic meters.

Postxronika.az reports, citing TASS, that at the Dutch TTF trading hub the price of gas for delivery over the next day rose to $1,052 per 1,000 cubic meters. According to data from the London ICE exchange, the price of November futures stood at $1,042.

The price increase is attributed to record-low gas inventories ahead of the winter season and to mounting geopolitical tensions in the Middle East.

Alexey Miller, head of Gazprom, previously said that the price of gas in Europe had reached $1,000–1,100. Russian President Vladimir Putin, in turn, noted that the price could rise to as much as $1,500.