The price of the January futures for the TTF spot index on the ICE Futures exchange has reached 112.95 euros per 1 kWh, or $1,317 per thousand cubic meters. Earlier that day, the figure reached $1,350 per thousand cubic meters, which is the highest figure since October.
The main factor behind the price rise is the statement by Annalena Baerbock, the Head of the German Federal Foreign Office, about the future of the Russian gas pipeline Nord Stream 2. She noted its inconsistency with European energy legislation and also announced the blocking of the project in the case of a new Russian invasion of Ukraine.
Context. Last week, the European gas market reacted strongly to the talks between US and Russian Presidents Joe Biden and Vladimir Putin. The price skyrocketed to over $1,200 per thousand cubic meters. The catalyst for the skyrocketing price was the potential sanctions against the Russian Federation that the United States promised in the case of an invasion of Russian troops into Ukraine.
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