MOSCOW, January 22. /TASS/. The main causes of the gas price growth in Europe now are the decline of inventories in storages, the expected colder weather and the spike of prices in the United States, Gazprom said.
Commodity exchange prices in Germany and Austria climbed above $500 per 1,000 cubic meters, the Russian holding said. As of the close of business on January 21, the natural gas price with the day ahead supply in Germany (the THE virtual trading hub) climbed to $525.9 per 1,000 cubic meters, and to $537.2 per 1,000 cubic meters in Austria at the VTP virtual trading hub.
In one day, prices in these countries surged at once by 11.9% and 11.5% respectively.
"The dramatic surge of commodity exchange prices for gas occurs amid proactively declining gas inventories in underground storages, the expected cold weather in Europe, the dramatic spike of gas prices in the US, the largest LNG supplier to the European market, and significant fluctuations in speculative exchange positions of investment funds," Gazprom said.
According to London-based ICE data, the gas price in Europe climbed above $500 per 1,000 cubic meters during exchange trading for the first time since March 2025.