The main growth factors were the cold snap in April and tensions in the Middle East.
According to TASS calculations, if on March 28 gas futures were trading at about $306 per 1,000 cubic meters, on April 30, trading closed at $324 - 6% higher than in the end of the previous month.
In December 2023, the average gas price in Europe was about $408 per 1,000 cubic meters, but then there was a gradual decline: in January - to $337 (53% lower year-on-year), in February - to $288 (-51%), in March - to $302 (-38%), in April to $320 (-33%).
The increase in gas prices was also due to weather cooler than in March.
At the same time, underground gas storage facilities in Europe are now approximately 62% full, but this level is no longer a record one. The heating season in Europe ended on March 31, 2024. It lasted 145 days, and EU countries took 51.6 billion cubic meters of gas from storage facilities, ending this period with record reserves of 58.34%.
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