3rd January 2022
EP Report

European and UK gas prices rocketed recently to all-time highs on strong winter demand and simmering geopolitical tensions between key supplier Russia and consumer nations.

 

Europe's reference Dutch TTF gas price hit 162.775 euros per megawatt hour in late morning deals, up more than ten percent from Monday, while UK prices leapt to 408.30 pence per therm.

 

Both markets beat previous records from October, also struck on demand worries for the northern hemisphere winter months. They are currently about seven times greater than at the start of 2021.

 

Runaway spot gas prices, alongside other buoyant commodities including crude oil, have fuelled mounting concern about spiking inflation worldwide.

 

European gas "continued its inexorable rise... to another record," wrote Deutsche Bank analysts in a client note.


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