The price of natural gas on the TTF (Title Transfer Facility) exchange rose by 1.4% last week—reaching 35.1 euros per megawatt-hour (MWh), according to a market review on wholesale energy price trends published by the Public Utilities Commission (SPRK).
Meanwhile, on the regional natural gas exchange “GET Baltic,” which operates in Lithuania, Latvia, Estonia, and Finland, the gas price increased by 2%, reaching 41 euros per MWh.
As of the 18th of May, the Inčukalns underground gas storage facility was filled to 36.4%, while the average fill level of European gas storage facilities at the end of last week stood at 44.2%.
SPRK explains that last week the TTF natural gas price climbed above 35 euros per MWh, reaching its highest level in more than six weeks.
The price increase was driven by unexpectedly cold weather, which led to higher demand, as well as geopolitical tensions that added further pressure to the gas market. The cold weather, expected to persist across Europe at least until mid-next week, is significantly increasing natural gas consumption—especially in Northern Europe.