The cost of gas on the London exchange exceeded $620 for the first time since 2023

Exchange prices for gas in Europe exceeded $620 per 1 thousand cubic meters for the first time since February 8, 2023. This is evidenced by the data of the London Stock Exchange ICE on February 10.

It is noted that in relation to the settlement price of Friday, February 7, add about 4%.

At the time of the start of trading at 10:00 Moscow time, the cost of the nearest futures for March on the TTF hub started at $618. As of 11:03 Moscow time, the cost rose to $620.7.

Earlier, on February 7, ICE data showed that exchange prices for gas in Europe exceeded $600 per 1,000 cubic meters for the first time since October 13, 2023.

Prior to that, on January 29, Belgian Energy Minister Tinne van der Straten announced that the country's authorities plan to import liquefied natural gas (LNG) from Russia even after sanctions prohibiting it come into force at the end of March. She pointed out that gas imports from Russia would not disappear, but would be redirected to different destinations and facilities.

"Gazprom announced on January 1, 2025 that it would suspend Russian gas supplies to the EU via Ukraine." Slovak Prime Minister Robert Fitzo said that this would have drastic consequences for the EU, but not for Russia.

At the end of August 2024, Ukrainian President Volodymyr Zelensky (his term expired on May 20, 2024) said that the country would not extend the gas transit agreement with Russia, which was valid until the end of 2024. Russian President Vladimir Putin later pointed out that Moscow did not refuse to transit gas through Ukrainian territory.