1 Feb, 05:35Updated at: 05:55

Gas prices in Europe rise by 6% to $517 in January

The main factors behind this increase were the high rate of withdrawal from European storage facilities amid cold weather and the cessation of Russian gas transit through Ukraine

MOSCOW, February 1. /TASS/. The average gas price in Europe rose by 6% in January to around $517 per 1,000 cubic meters, according to data from the London ICE futures exchange and TASS calculations. The main factors behind this increase were the high rate of withdrawal from European storage facilities amid cold weather and the cessation of Russian gas transit through Ukraine.

On December 31, 2024, gas futures were trading at around $539 per 1,000 cubic meters and on January 31, 2025, trading closed at $577, which is 7% higher than at the end of last month and at a maximum since October 2023.

Since last fall, gas prices at European hubs have gradually increased. In September 2024, the average gas price in Europe was around $416 per 1,000 cubic meters (-0.3% year-on-year), in October - $456 (-11%), in November - $491 (-4%), in December - $489 (+20%) and in January 2025 - $517 (+53%).

The increase in gas prices was driven by a number of factors. The main one was the near-record withdrawal of gas from European underground storage facilities (UGS) during the cold weather. Currently, European UGS facilities are less than 5% full, holding approximately 6 bln cubic meters of gas. EU countries have already withdrawn nearly 4 bln cubic meters of gas since the start of the heating season in late October. At the same time, the coldest winter in recent years is expected in the region.

The end of the transit of Russian gas to Europe via Ukraine also gave an additional boost to prices. The transit agreement expired on January 1, 2025, and provided for the pumping of 40 bln cubic meters per year. However, Ukraine's refusal to extend the agreement deprived Gazprom of the technical and legal ability to supply fuel through this route, and supplies were stopped.

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