European gas prices rose by 4.3% to almost 51 euros on the first trading day after Ukraine stopped transiting Russia’s natural gas to central-Europe, APA reports citing Bloomberg.
Ukraine terminated Russian natural gas transit through its territory on Jan. 1, having repeatedly warned it would not extend the agreement when it expired at the end of 2024 because it did not want to finance Russia's war.
The rise in gas prices to 51 euros per megawatt-hour is the highest since October 2023, and comes ahead of freezing temperatures forecast across much of Europe.
Experts told Bloomberg that the halt in supply will be remedied by tapping stored reserves this winter, but higher demand is expected for natural gas to refill inventories over the course of 2025.
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