Tag #European Gas Crisis

What is the immediate impact on European gas prices and storage levels due to the halt of Russian gas imports via Ukraine?

On January 1st, 2024, Russian natural gas supplies to Europe via Ukraine ceased after a transit deal expired. This resulted in a 5% decrease in EU natural gas imports and caused the Dutch TTF benchmark price to surge to €51 per megawatt-hour, its highest since October 2023, before slightly easing. European gas inventories are at 75%, depleted faster than in 2021 due to cold weather.