European gas prices hit new all-time high

Gas prices in Europe skyrocketed on Monday, reaching over $3,900 per 1,000 cubic meters for the first time in history.

The April futures at the TTF hub in the Netherlands soared to $3,899 per 1,000 cubic meters, or nearly $374 per megawatt-hour in household terms by 10:00 GMT, according to data from London’s ICE exchange.

Prices continue to grow as market players fear the outcome of the ongoing Russian military offensive in Ukraine. Meanwhile, Russian state energy giant and major gas exporter Gazprom said Monday it continues to routinely supply Russian gas for transit to Europe through the territory of Ukraine.

“Gazprom supplies Russian gas for transit through the territory of Ukraine in the regular mode, in accordance with the applications of European consumers [amounting to] 109.6 million cubic meters for March 7,” Gazprom’s official representative Sergey Kupriyanov told reporters.

Still, fears exist that the crisis in Ukraine may lead to a halt in Russian gas deliveries, either due to possible pipeline damage or resulting from sanctions placed on Moscow by Western states that don’t support the operation.