In Europe, gas prices have reached the highest level in the past 2 years due to low temperatures and a decrease in gas supplies. At the TTF, the largest hub for virtual natural gas trading in Europe based in the Netherlands, the price of gas per megawatt hour in March futures contracts saw an increase of around 4% today, reaching 58.75 euros. As a result, natural gas prices in European markets have climbed to their highest level since February 2023. The increase in gas prices is attributed to ongoing cold weather conditions increasing consumption, declining gas supplies in storage, and anticipated custom duties on the European Union (EU) by the United States escalating tension in trade relationships. In the coming days, temperatures are expected to drop again, particularly in Northern European countries, increasing gas demand. With the rise in gas demand, it is predicted that the level of gas in storage, which has been at its lowest level in Europe since 2022, will decrease even faster. According to Gas Infrastructure Europe data, the storage level of gas in Europe dropped to 49% as of February 8. Thus, the fill level in gas storage of the EU is approximately 8% below the average for the same period in the past 5 years.