The cost of gas in Europe during today’s trading reached 120 euros per MWh, or about $1,418 per 1,000 cubic meters. m at the current rate, follows from the data of the ICE exchange data. This is the highest value since December 23 last year, when it amounted to 126.7 euros per MWh.
The price of the March futures on the Dutch TTF hub at the opening of trading on February 24 was at the level of 101 euros per MW / h, or about $ 1,193.4 per 1,000 cubic meters. m. It reached 120 euros per MWh by 10:06 Moscow time. By 10:45 a.m., the futures price fell to 113 euros per MWh, or $1,335.2 per 1,000 cubic meters. m. During the morning, gas has risen in price by more than 27%.
The cost of gas is growing for the third day in a row against the background of the escalation of the situation in Ukraine. On February 21, Russian President Vladimir Putin announced the recognition of the independence of the self-proclaimed Donetsk and Lugansk People’s Republics (DNR and LNR). This was followed by sanctions from the United States, the European Union (EU) and the United Kingdom. US President Joe Biden announced that restrictive measures are also being introduced against the Nord Stream 2 gas pipeline operator Nord Stream 2 AG and its corporate entities. The gas pipeline project is “frozen,” the German Foreign Ministry said, and certification of Nord Stream 2 AG has been suspended.
Today, gas prices in Europe accelerated growth against the backdrop of the start of Russia’s military operation in the Donbass. Martial law has been introduced in Ukraine. President of the Republic Volodymyr Zelensky called on the West to “force Russia to peace” and impose additional sanctions against it. New tough measures against the country have already been announced by the US and the EU.