After the cessation of transit through Ukraine, gas prices in Europe have risen to their highest levels since autumn 2023

Gas prices in Europe have reached their highest level since October 2023. This surge followed the suspension of Russian gas transit through Ukraine, a cold snap in Europe, and the shutdown of a Norwegian liquefied natural gas (LNG) plant due to a compressor failure.

This was reported by Bloomberg.

With the halt of transit through Ukraine, any disruptions at global LNG export facilities now directly impact European prices. This situation could further accelerate the depletion of gas in European storage facilities, which are already being drawn down at the fastest rate since 2021.

“While Europe is unlikely to run out of gas this winter thanks to its reserves and supplies from other providers, traders may face challenges refilling storage for the next heating season,” *Bloomberg* noted.

As early as late December, media outlets reported that European Union countries were depleting their gas storage reserves at the fastest rate since December 2021.