By YANGE IKYAA
European spot gas prices have reached unprecedented levels on fears that sanctions against Russia, accounting for 40% of total imports in the EU, might leave the continent’s natural gas demand without supply.
On the heels of these record gas prices, Gazprom has ramped up supplies to Europe, with March daily inflows averaging some 3000 GWh so far, up 30% compared to February.
Europe’s benchmark spot contract, the Dutch TTF, hit an all-time high of €335 per MWh in intraday trading on Monday, equivalent to $120 per mmBtu, before dropping back to $75/mmBtu, still twice as high as Asian spot prices.
At the same time, Germany has already indicated it will not slap sanctions on Russia’s oil and gas, fearing that the repercussions of such a move would trigger wide ‘civil unrest’.
