European Gas Prices Rise to $503 per 1,000 Cubic Meters

Data from the London ICE exchange showed that gas prices in European markets rose by 5% on Monday, reaching $503 per 1,000 cubic meters.

The nearest futures contracts for July on the TTF index—the largest distribution hub in Europe located in the Netherlands—opened at $494.3 per 1,000 cubic meters, marking a 2.9% increase.

European officials have indicated that oil and gas prices are expected to remain high until the end of 2027.

The lowest price recorded was $484.2 per 1,000 cubic meters, up 0.8%, while the highest price reached $505.8, an increase of 5.3%. The last trading price for the futures contracts was $503.2, up 4.8%. These price movements are based on the previous day's settlement price of $480.2 per 1,000 cubic meters.

Gas prices in European exchanges rose by nearly 60% in March compared to February, driven by escalating conflict in the Middle East, surpassing $600 per 1,000 cubic meters for the first time since February 2023. In April, these prices declined by 14%, settling around $540 per 1,000 cubic meters.

Last month, prices briefly exceeded $600 per 1,000 cubic meters from May 15 to May 20.

The gas price peaked during the conflict at $853.7 per 1,000 cubic meters on March 19, when Saad Al-Kaabi, CEO of Qatar Energy, announced damage to two of the company’s 14 liquefied natural gas production units in Qatar. Prices had not reached such levels since early January 2023.

Gas prices saw significant increases during 2021 and 2022, reaching a record high of $3,892 per 1,000 cubic meters in early spring 2022.