European gas prices rise on halt of Russian gas supplies through Ukraine

European gas prices are on the rise as Russian natural gas supplies through Ukrainian gas pipelines have been cut since New Year's Day.

As of 2:30 p.m. local time on the 2nd, the futures market for TTF in the Netherlands, a European gas price indicator, was 50.680 euros per megawatt hour (MWh), up 3.66% from the previous day, according to the London ICE Exchange.

The price rose to 51 euros at one point on Tuesday, the highest level since October 2023, Euronews said.

European gas prices rose for the third consecutive trading day, excluding holidays, from Dec. 30 to Dec. 2.

This is attributed to the expiration of the contract for the Russian natural gas transport agreement through the Ukrainian gas pipeline on the 31st of last month and Ukraine's decision not to extend it.

Increased demand for heating as temperatures across Europe have plunged in recent weeks has also been cited as a factor in price increases.