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Gas price in Europe surpasses $500 per 1,000 cubic meters first since November 28, 2023

The gas price in Europe is rising amid a serious growth of withdrawal from European underground gas storage (UGS) facilities, which is almost 50 times higher than pumping

MOSCOW, November 14. /TASS/. The price of gas in Europe exceeded $500 per 1,000 cubic meters on Thursday for the first time since November 28, 2023, according to data from London’s ICE. Growth since the beginning of the day has reached around 5%.

The price of December futures at the TTF hub in the Netherlands rose to around $500.5 per 1,000 cubic meters or 45.9 euro per MWh (based on the current exchange rate of euro to dollar, prices for ICE are presented in euros per MWh).

The gas price in Europe is rising amid a serious growth of withdrawal from European underground gas storage (UGS) facilities, which is almost 50 times higher than pumping. European UGS facilities are currently 92.58% full (0.54 percentage points higher than the average as of this date in the past five years), with 102.76 bln cubic meters of gas stored in them.

Moreover, Austria’s OMV said on Wednesday that it had received an arbitral award under the rules of the International Chamber of Commerce (ICC) on a dispute with Gazprom Export, adding that it would to recover awarded damages amounting to 230 mln euro for failure to supply the contracted volume of gas to Germany from the Russian company on account of payments under the agreement on supplies to Austria. Due to this OMV expects a deterioration of the contractual relationship under the Austrian supply contract with Gazprom Export, including a potential halt of gas supply.