Potential drop in Russian gas deliveries worries markets

At the end of the day on Thursday evening, the price of the TTF 2025 Calendar exceeded €39/MWh. This represents a 40% increase on the low seen on 23 February. The market is concerned about a possible reduction in gas deliveries from Russia. The Ukrainian government has announced that it has no intention of signing a new gas transit contract with Gazprom or extending the current contract, which expires at the end of the year. Russia still supplies around 15 billion cubic metres of gas to Europe via Ukraine. The Russian authorities have indicated that they will find an alternative transit route to bring the gas to Europe.