Gas prices in Europe rise by 6% to $517 in January

The average gas price in Europe rose by 6% in January to around $517 per 1,000 cubic meters, according to data from the London ICE futures exchange and TASS calculations, Report informs.

The main factors behind this increase were the high rate of withdrawal from European storage facilities amid cold weather and the cessation of Russian gas transit through Ukraine.

On December 31, 2024, gas futures were trading at around $539 per 1,000 cubic meters and on January 31, 2025, trading closed at $577, which is 7% higher than at the end of last month and at a maximum since October 2023.