The quotations for natural gas in Europe have been rising for some time. The market is asking whether Russia is unable or unwilling to deliver more. The situation could worsen in winter and trigger another price shock.

A natural gas pipe in Ukraine: The conflict between Kiev and Moscow is also shaping the natural gas supply of Western and Central Europe.

Andrew Burton / Getty

Even for experienced observers, the current situation on the European natural gas markets is exceptional. “Prices have literally exploded in the past few weeks and months,” says a Swiss natural gas trader, referring to the reference price at the Dutch trading point TFF. At more than € 55 per megawatt hour, the price of natural gas for Western Europe is higher than ever. It is also unusual that the prices rose so strongly during the summer months.

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