European gas prices soar to all-time high

Gas prices in Europe spiked to nearly $2,400 per 1,000 cubic meters, or €212 per megawatt-hour in household terms, on Friday for the first time in market history as Russia’s military offensive in Ukraine continues.

The April futures at the TTF hub in the Netherlands soared to $2,392 per 1,000 cubic meters, beating the record of $2,280 set the previous day, according to data from London’s ICE exchange.

On Thursday, westbound natural gas flows from Russia to Germany through the Yamal-Europe pipeline stopped despite additional bids from Gazprom’s consumers. Supplies were later resumed.

The dramatic growth of European gas prices seen over the past several months is being exacerbated by the ongoing war in Ukraine. Russia accounts for nearly 40% of the continent’s gas supplies, while Ukraine is a major transit country for Russian gas.

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