The European gas markets are currently under the influence of significant price-driving impulses. A key driver is the end of Russian gas transit via Ukraine, which occurred on Wednesday. This development is increasing uncertainty regarding the supply situation.

In addition, weather forecasts are causing price expectations to rise. According to p2m meteorological data, temperatures in Germany, the largest gas consumption market, will be 1.4°C below normal in the coming week with an average of 0.4°C. This is likely to increase demand for gas for heating. This is likely to increase demand for gas for heating purposes and further support prices.

This dynamic was clearly evident on the Dutch TTF, the leading market for European natural gas. The front month of February was recently quoted EUR 1.39 higher at EUR 50.28/MWh on the Ice Endex exchange, having previously risen to EUR 51/MWh. These price movements reflect the uncertainty and increased demand expectations.