December futures spiked to levels last seen in December 2023 on concerns that Russia could halt supplies
Natural gas prices in Western Europe spiked on Thursday following warnings from Austrian state energy giant OMV that Russia could halt supplies.
The cost of gas futures for December delivery at the TTF hub in the Netherlands jumped by as much as 5% to roughly β¬475 ($502) per thousand cubic meters, or β¬46 per megawatt-hour, during morning trading, before retreating slightly later in the day. The last time gas futures were at this level was in December 2023.
Gas prices began to surge after OMV, one of the continentβs largest gas traders, warned late on Wednesday about a possible cessation of gas supplies from Russia due to its legal battle with Russian state energy major Gazprom. OMV had previously complained of βirregularβ supplies from Gazprom to Germany, before deliveries ended completely in September 2022, and filed a lawsuit against the companyβs subsidiary, Gazprom Export.
European gas prices hit one-year high pic.twitter.com/93lpNjkIMl
— PolitlQ (@PolitlQ) November 15, 2024
