Gas on the European exchange rose to $600 for the first time since October 2023

Exchange prices for gas in Europe exceeded $600 per 1 thousand cubic meters for the first time since October 13, 2023. This is evidenced by the data of the London Stock Exchange ICE on February 7.

According to the data provided, since the beginning of the day growth amounted to more than 2.5%.

It is noted that the cost of futures for February at the hub TTF, located in the Netherlands, rose to $601 per 1 thousand cubic meters. m.

Earlier, on January 29, ICE data showed that the price of gas in Europe during exchange trading exceeded $550 per 1 thousand cubic meters for the first time since November 15, 2023.

On the same day, 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 this 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.