European Gas Prices Surge Above $1,200 per Thousand Cubic Metres for First Time Since December 2022

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European gas spot prices surged above $1,200 per 1,000 cubic meters during trading on October 30, according to data from major European trading hubs, as reported by TASS.

At the TTF hub, the day-ahead gas price reached $1,204 per 1,000 cubic meters, equivalent to approximately €104 per MWh.

At the TTF hub in the Netherlands, the December gas futures contract nearly reached $1,190 per 1,000 cubic meters, or €102.76 per MWh.

These high prices have not been seen since December 2022. The rising cost of gas in Europe is attributed to record-low fuel reserves in storage facilities and ongoing tensions in the Middle East.