An expert spoke about the reasons for the increase in gas prices in the EU in January 2025

The dynamics of gas prices in January was determined, in addition to the weather factor, by geopolitics. In particular, it concerns the termination of Russian gas transit through Ukraine, Dmitry Skryabin, portfolio manager of Alfa Capital Management Company, told Izvestia on February 3.

"In the current season, due to an earlier start of gas withdrawal from the underground gas storage (UGS), the filling level has already amounted to 53% against 72% at the same time last year. Such information is also a supporting factor for gas prices, as it is likely that this season the volume of gas purchases to fill the UGS will be higher," Skryabin explained.

According to him, closer to the middle of spring, there may be a seasonal correction in prices. Then the weather factor will be excluded from the quotations, but the geopolitical factor, for example, will remain in full force.

"The price of gas in the EU above $500 per 1,000 cubic meters is expensive, so by the time the process of filling underground gas storages starts, Europe should have alternatives with supplies and options with prices," Skryabin summarized.

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Earlier, on January 30, Stanislav Mitrakhovich, a leading expert of the National Energy Security Fund and the Financial University under the Government of the Russian Federation, pointed out Europe's interest in Russian gas in a conversation with Izvestia. According to him, there are industrial lobbyists and political forces in Europe interested in restoring economic ties with Russia, including trade in energy resources such as gas. However, this requires reaching a political compromise, which remains questionable under the current circumstances.