European spot gas prices breached $1,050 per 1,000 cubic meters during Tuesday trading, hitting their highest level since December 2022, according to a TASS analysis of major regional trading hubs.
Day-ahead prices at the benchmark Dutch TTF hub climbed to $1,052 per 1,000 cubic meters, or 90.75 euros per megawatt-hour (MWh).
Meanwhile, November futures at the TTF hub rose to around $1,042 per 1,000 cubic meters (89.83 euros per MWh), according to data from London's ICE exchange.
European gas prices are surging due to record-low inventories ahead of the winter season and escalating geopolitical tensions in the Middle East.
Gazprom CEO Alexey Miller previously noted that European gas prices had already reached $1,000-$1,100 per 1,000 cubic meters, far outstripping initial forecasts. Russian President Vladimir Putin also stated that European gas prices could potentially rally to $1,500 per 1,000 cubic meters.
