Gas quotations in Europe have reached a historical maximum – at the opening of trading at the ICE exchange the gas price has exceeded for the first time the mark of $3,000 per 1,000 cubic meters and continues to beat records.
As of 11:00 a.m. the April futures price for the TTF index of the most liquid hub in the Netherlands reached $3017.5 per thousand cubic meters. Trading data indicate that the growth continues to accelerate. The cost of gas during trading exceeded $3600 per thousand cubic meters. The increase since the opening was about 60%.
The cost of gas jumped up after oil. Brent overnight rose to nearly $140 per barrel for the first time since 2008 because of a possible ban on supplies to the U.S. from Russia.
The cost of energy resources increases against the background of the Russian “special operation”. “Gazprom continues to transit gas through Ukraine, but European countries fear supply disruptions from Russia. The IEA has outlined ten measures to reduce the EU’s dependence on Russian gas. Among the key measures are a ban on new contracts with Gazprom, the purchase of LNG, the introduction of gas storage obligations, the abandonment of nuclear reactors and, in a radical scenario, the replacement of gas generation with coal generation.