Natural gas prices in Europe are rising in anticipation of the final end of Russian gas transit via Ukraine on 1 January 2025.
2025 will see the end of a five-year agreement between Moscow and Kyiv for gas delivery to Europe through Ukraine. The country, subject to Russian invasion since February 2022, refuses to extend this deal which benefits its Russian adversary.
Although this transit accounts for only 5% of Europe's gas demand, the contract's expiration is causing market anxiety.
On the Dutch futures market, the gas price reached €48 per megawatt-hour on Monday, nearing the annual record set earlier this month.
