Gas prices in Europe have surpassed the level of $450 per thousand cubic meters for the first time since June 23, 2025, according to the latest trading data.
February futures on the TTF index, Europe’s largest gas trading hub located in the Netherlands, opened at 10:00 Moscow time at a level of $411.8 per thousand cubic meters, an increase of 3.4%.
Prices reached $449.5 per thousand cubic meters, an increase of 12.8% compared to the settlement price of the previous trading day, which was $398.4.
The upward trend continued, reaching $450.5 per thousand cubic meters, reflecting increasing pressure on the European gas market amid fluctuations in demand and supply.
It is noted that the average price of gas futures on the European exchange last year exceeded $420, an increase of nearly 9% compared to the levels of the previous year.
It is worth mentioning that gas prices were significantly higher in 2021 and 2022, reaching unprecedented levels since the start of gas trading hubs in Europe in 1996, and hitting a record high of $3,892 per thousand cubic meters in the spring of 2022.
The rise in gas prices indicates continued pressure on European energy markets due to supply fluctuations and increased winter demand.
The Dutch TTF index is a key benchmark for gas prices in Europe and is used as a pricing standard in many contracts.
Historically, Europe has experienced repeated crises in gas markets, especially following sanctions on Russia and supply reduction measures, which drove prices to record levels in 2022 and directly impacted energy costs for households and industry.
Europe
Europe is a continent with a rich and complex history, shaped by ancient civilizations like Greece and Rome, the Middle Ages, the Renaissance, and transformative events such as the Industrial Revolution and two World Wars. It is a major cultural and political region, home to numerous UNESCO World Heritage sites, diverse languages, and influential artistic and philosophical movements. Today, it is largely united under the political and economic framework of the European Union.
Netherlands
The Netherlands is a Northwestern European country known for its flat landscape, extensive canal systems, and historic windmills. Historically, it emerged as a major maritime and economic power in the 17th century, known as the Dutch Golden Age, and its cultural heritage is deeply tied to water management and trade.
TTF index
The TTF index, or Title Transfer Facility index, is a benchmark European natural gas price based on trading at the Netherlands’ virtual TTF hub. It emerged in the early 2000s as Europe liberalized its gas markets and has since become the continent’s leading pricing reference. Its prominence grew significantly following the 2022 reduction of Russian gas supplies, making it a critical indicator for global energy markets.
Moscow
Moscow is the capital and largest city of Russia, with a recorded history dating back over 800 years to its first mention in 1147. It grew from a medieval fortress, the Kremlin, to become the political and cultural heart of the Russian state, serving as the capital of the Tsardom of Russia, the Soviet Union, and the modern Russian Federation. The city is renowned for its iconic landmarks like Red Square, St. Basil’s Cathedral, and the Moscow Metro, which reflect its long and turbulent history.
