The day before the end of transit: gas in Europe has risen in price to a maximum of 2024

The day before the end of the year and, obviously, the transit of Russian gas through Ukraine, the cost of gas in Europe rose to a maximum in 2024.

Gas supplies from the Dutch TTF hub for the month ahead increased in price on the afternoon of December 31 to $ 530 per thousand cubic meters. This is the highest figure in 2024. Previously, similar prices were fixed in November 2023.

Gas quotes in Europe grew throughout December as statements that from January 1 the transit of Russian gas through Ukraine will stop. In a few weeks, fuel has risen in price by 19% or $ 83.

In the German and Austrian markets, gas is even more expensive — at $ 537.

Over the past few years, Gazprom's supplies to Europe have decreased by about five times due to sanctions and counter-sanctions, and 3-4% of all gas imports to Europe were supplied through Ukraine. However, the countries of Central and Eastern Europe depend on these supplies. Eastern Europe — Austria, Slovakia, Czech Republic and partly Italy.

Prime Minister of Slovakia Robert Fico appealed to Advice The EU asked for support in the continuation of transit and motivated the appeal by the assessment that over the next two years the EU countries will pay an additional 120 billion euros for gas and electricity when the route is stopped. However, Brussels did not respond to the appeal of the head of the Slovak government.