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Average gas price in Europe expected at $432 per 1,000 cubic meters in 2026

A decline in prices is expected through 2029

MOSCOW, May 12. /TASS/. The average gas price in Europe in 2026 is expected to stand at $432 per 1,000 cubic meters compared with $428 a year earlier due to the Middle East conflict and cold weather conditions, according to the scenario conditions for Russia’s socio-economic development for 2027 and the planning period of 2028-2029, which were reviewed by the government and published on the website of the Ministry of Economic Development of Russia.

"In 2025, average prices for natural gas at Europe’s крупнейший trading hub TTF rose by 9% to $428 per 1,000 cubic meters. Price growth took place amid the structural transformation of the European energy market caused by restrictions on imports of natural gas from Russia and increased LNG purchases to compensate for lost volumes of Russian pipeline gas. In 2026, the average natural gas price is expected to remain at $432 per 1,000 cubic meters due to cold weather conditions and the Middle East conflict," the document said.

However, a decline in prices is expected through 2029, including due to projected growth in global LNG production, the forecast noted.

TASS reported earlier, citing data from the London-based ICE exchange on futures trading and its own calculations, that the average gas price in Europe in 2025 increased by 9% to $422 per 1,000 cubic meters.

However, since the beginning of spring this year, quotations have averaged $588 per 1,000 cubic meters, which is 34% higher than the figure for March-April 2025. The rise in gas prices in April was caused by the ongoing Middle East conflict and the crisis in the global gas market due to the closure of the Strait of Hormuz, through which one-fifth of global supplies pass.

In January 2025, the average gas price in Europe stood at about $517 per 1,000 cubic meters (up 53% year-on-year compared with 2024), in February at $542 (+88%), in March at $467 (+55%), in April at $409 (+28%), in May at $412 (+15%), in June at $439 (+14%), in July at $410 (+12%), in August at $394 (-10%), in September at $393 (-5.5%), in October at $384 (-16%), in November at $368 (-25%), in December at $334 (-32%), in January 2026 at $415 (-20%), in February at $396 (-27%), in March at $632 (+35%), and in April at $544 (+33%).

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