MOSCOW, March 1. /TASS/. The average gas price in Europe rose by 5% in February to $542 per 1,000 cubic meters, according to data from the London-based ICE Exchange and TASS estimates.

Gas prices at European hubs started to grow last fall. In September 2024, the average gas price in Europe stood at about $416 per 1,000 cubic meters, rising to $456 in October, $491 in November, $489 in December, $517 in January 2025 and $542 in February.

The main reasons behind the price increase included the high rate of gas withdrawal from storage facilities and the low share of wind generation.

However, there was a reversal in the gas price trend at the end of February due to warmer weather in the region and the launch of talks between Russia and the US.