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Gas price in Europe rises to its highest since mid-November 2023 — ICE

February futures at the TTF hub in the Netherlands rose to more than $546 per 1,000 cubic meters, or 50.75 euros per MWh

MOSCOW, January 22. /TASS/. Gas price in Europe rose to their highest since November 15, 2023 during exchange trading on Wednesday amid rapidly increasing rates of gas withdrawal from storage facilities, according to data from the London ICE exchange. Since the beginning of the day, the growth was about 2%.

February futures at the TTF hub in the Netherlands rose to more than $546 per 1,000 cubic meters, or 50.75 euros per MWh.

Earlier, TASS reported, citing data from Gas Infrastructure Europe, that gas reserves in underground storage facilities (UGS) in Europe had fallen below 60%, and daily withdrawals approached 1 billion cubic meters for the first time in almost four years.

Meanwhile total gas volumes in UGS facilities are at the fourth-highest level for January since records started, but in the coming days they will be less than the reserves at the end of the last autumn-winter period. Since the beginning of the heating season, the EU has withdrawn more than 42 bcm from underground gas storage facilities.

The International Energy Agency (IEA) expects that prices at the TTF gas hub in Europe in 2025 may be 30% higher than the previous year. The growth will be facilitated by the halt in Russian gas transit through Ukraine, an increase in demand for gas in the summer for pumping into storage facilities, and ongoing competition with Asia for LNG supplies.