TTF surges 23.5% on Dec 21 on Yamal-Europe reversal, cold weather
The next-month contract for gas supply at the Dutch TTF hub reached a record €183.6 ($208)/MWh at around 17:30 GMT on December 21, up 23.5% from the previous session, on news of the reversal of the Yamal-Europe pipeline that usually pumps Russian gas westwards and the arrival of colder weather. This is equal to $2,204/'000 m3, or $374/barrel of oil equivalent.
The flow of the Yamal-Europe pipeline has once again reversed so that Russia's Gazprom is now sending gas from Germany to Poland and Belarus. The gas supplier has drastically reduced deliveries to Europe in recent weeks, although it is unclear to what extent it is intentionally withholding supply, as some European politicians have claimed, or has simply hit its maximum production capacity.
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Gas storage facilities in the EU and the UK are currently 59.6% full, according to data published by Gas Infrastructure Europe.
As of press time, the January contract at TTF has since fallen, but only slightly, to €182/MWh.