Gas prices in Europe hit $2,226 for first time in history

The price of gas futures in Europe rose by almost 60% on March 2 and reached its all-time high of $2,226 per 1,000 cubic meters, Report informs referring to the London-based ICE Futures exchange.

The cost of April futures on the index of the most liquid European hub TTF at the opening was close to $1,500, then the prices fell slightly, after which they started to grow. The price high later hit $2,226, up 59.4% from the previous settlement price of $1,396.5.

Gas prices in Europe have shown strong volatility in recent days. However, in general, they grew after Russian President Vladimir Putin signed decrees on February 21 recognizing the sovereignty of the Donetsk and Luhansk 'people's republics,' and on February 24, Russia launched a special military operation to demilitarize Ukraine.

12:27

Gas prices in Europe at the exchange trading on March 2 rose above $1,700 per 1,000 cubic meters for the first time since December 23, 2021, Report informs referring to the London Stock Exchange ICE.

Growth of exchange quotations for gas is observed amid sanctions the US, the EU, the UK, as well as a number of other states announced against a number of Russian legal entities and individuals.