Gas nears $4000 in Europe in a record spike
2022-03-07T12:13:32+00:00
Shafaq News/ The front-month gas price at the Dutch TTF hub climbed to nearly $4,000/'000 m3 in early trading on March 7, as the war between Russia and Ukraine soars.
The March contract at the hub spiked at €345/MWh ($3,990/'000 m3) at around 08:30 GMT. Since then, it has slid back to €255. Oil prices are similarly elevated, with the May contract for Brent exceeding $130/barrel during the same morning.
The war in Ukraine has led to heightened fears of a disruption in Russian gas supply to Europe. At the same time, storage volumes in Europe are unusually low for this time of year, with facilities currently less than 28% full, according to data published by Gas Infrastructure Europe (GIE).
