The price of gas in Europe surpassed $400 per 1,000 cubic meters for the first time since December 27, 2023, according to data from London’s ICE.
The price of June futures at the TTF hub in the Netherlands increased to around $401 per 1,000 cubic meters or 35.76 euro per MWh (based on the current exchange rate between euro and dollar, ICE prices are presented in euro per MWh).
The share of wind power in EU electricity generation in May reached only 14%, which is the lowest since September 2023. In addition, repairs at gas facilities in Norway - this country is currently the main gas supplier to Europe with a 30% share - is also putting pressure on gas prices.
At the same time, the price of gas in Europe began to gradually rise after the news of the death of Iranian President Ebrahim Raisi.
The heating season in Europe ended on March 31, 2024. During its145 days, the EU countries withdrew 51.6 bln cubic meters of gas from storage facilities. This period ended with record reserves volume of 58.34%.
Currently, European UGS facilities are 67.53% full (13.69 percentage points higher than the average for this date over the past five years) with 74 bln cubic meters of gas.
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