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European Gas Prices Reach $700 Per 1,000 Cubic Meters for 1st Time Since January 2023– ICE

© Sputnik / Alexey Vitvitsky / Go to the mediabankGas pipeline
Gas pipeline - Sputnik International, 1920, 03.03.2026
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MOSCOW (Sputnik) - Gas exchange prices in Europe exceeded $700 per thousand cubic meters for the first time since January 23, 2023, data from the London-based ICE exchange showed on Tuesday.
April futures on the TTF index — Europe's largest hub — opened at $586.7 per 1,000 cubic meters (+8.8%) at 07:00 GMT. As of 07:52 GMT, they were trading at $710.8 (+31.8%).
On Monday, Qatari state-owned company QatarEnergy announced it had halted LNG production due to a drone attack on Qatar's largest LNG facility.
The Ministry of Defense of Saudi Arabia reported that debris from drones fell on the oil refinery of the Saudi oil company Saudi Aramco in the Ras Tanura area in the east of the kingdom.
Amid the escalation of the conflict, shipping through the Strait of Hormuz has almost stopped, and insurers have begun raising premiums and revising insurance coverage due to the increasing security threats.
 Qatari liquid natural gas (LNG) tanker ship being loaded up with LNG at Raslaffans Sea Port, northern Qatar. File photo. - Sputnik International, 1920, 01.03.2026
Analysis
Forget Oil: Natural Gas Prices Are About to Go Through the Roof If Hormuz Isn’t Reopened Soon
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