The winter chill that is spreading increases demand at the same time as the flow of Russian gas through Ukraine has been restricted, which together explains the price increase.
A futures contract for delivery of fossil gas next month rises by around 4 percent to 51 euros per megawatt-hour, which is the highest price level since October 2023.
The storage level for gas in Europe is rapidly decreasing in the winter chill. However, no acute gas shortage is expected since the heating season began with well-filled storage facilities – and imports of gas from countries other than Russia are assumed to be able to compensate for some of the shortfall.
A separate pipeline via Turkey still delivers Russian gas to the EU country Hungary. Furthermore, liquid fossil gas is still being imported from Russia to EU countries.
