Average exchange gas prices in Europe rose by 59% in March compared to February against the background of the escalating conflict in the Middle East, exceeding $600 for the first time since February 2023, according to data from the London ICE exchange.
The average settlement price for the nearest futures on the TTF index (the largest hub in Europe, located in the Netherlands) was $631.9 per thousand cubic meters. The last time average monthly prices exceeded this mark was in January 2023, when the average monthly gas settlement price in Europe reached $711.6.
Prices began to rise on March 2, the first trading day after the US and Israel launched strikes on Iran. Compared to the day before the escalation of the conflict in the Middle East, the price of the agreement has risen by 38.2% to almost $540. Prices remained above the levels seen in the past two years due to the closure of the Strait of Hormuz and the shutdown of part of the gas infrastructure in the Middle East.