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European gas prices reach record levels

October 7, 2021

European gas prices reach record levels

TTF day-ahead natural gas price exceeded 114 €/MWh (around $39/MMbtu) on October 6, 2021. European gas prices reached record levels due to a combination of factors: post-pandemic economic recovery, stronger seasonal and ahead-of-season gas demand worldwide and other weather-related drivers, tighter-than-expected supply, lower storage levels in Europe, lower-than-usual availability of renewable energy and steadily growing carbon prices.