TTF price nears $4,000/'000 m3 in unprecedented spike
The front-month gas price at the Dutch TTF hub climbed to nearly $4,000/'000 m3 in early trading on March 7, as Russia's conflict in Ukraine continues to escalate.
The April contract at the hub spiked at €345/MWh ($3,990/'000 m3) at around 08:30 GMT. Since then it has slid back to €255. Oil prices are similarly elevated, with the May contract for Brent exceeding $130/barrel during the same morning.
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The war in Ukraine has led to heightened fears of a disruption in Russian gas supply to Europe. At the same time, storage volumes in Europe are unusually low for this time of year, with facilities currently less than 28% full, according to data published by Gas Infrastructure Europe (GIE).