Gas prices in Europe smash previous day’s record

European prices for natural gas spiked to nearly $2,280 per 1,000 cubic meters on Thursday for the first time in market history, as Russia’s military offensive in Ukraine continues.

Russia provides about 40% of the continent’s gas supplies, while Ukraine is a major transit country for Russian gas. With the conflict now in its eighth day, supply shortage concerns are pushing prices ever higher.

The April futures at the TTF hub in the Netherlands soared to around $2,279 per 1,000 cubic meters, or over €200 per megawatt-hour in household terms, hitting a record high, according to data from London’s ICE exchange.

The latest spike comes a day after prices surpassed the previous record, increasing from around $1,500 to $2,226 per 1,000 cubic meters on Wednesday.

The surge in prices follows a new round of sanctions imposed on Russia by the US and a number of its allies in response to Moscow’s invasion of Ukraine. There are fears that Russia could cut off energy supplies to Europe in response.

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