TTF climbs over 8% in early trading on Dec 13
The January gas delivery contract at the Dutch TTF hub is up 8.3% as of 9:30 GMT on December 13 at €114.56 ($129)/MWh, according to ICE data, building on significant gains it made last week.
European gas prices have risen to unprecedented heights over recent months amid a sharp rebound in demand that supply has not matched. Price growth has been particularly pronounced in recent weeks, after Europe's main gas supplier Gazprom exported a record low amount of gas to the continent in November, despite earlier expectations that it would ramp up supplies.
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Adding to the upward pressure, storage levels are unusually low, with facilities in the EU and the UK only 62.8% full, according to data published by Gas Infrastructure Europe (GIE), and there are escalating tensions between Russia and Ukraine that have led the US to threaten Moscow with "extreme" sanctions if it invades its eastern neighbour.
The January contract at TTF started last week on December 6 at €89.93/MWh, but soared to €95.88 on December 7 and €101.5 on December 8, before dipping slightly to €100.45 on December 9. It then surged to €105.78/MWh on December 10.