By early 2025, gas prices on European exchanges have surged to elevated levels. According to data from the London ICE Futures exchange, on the last day of 2024, December 31, gas prices reached their highest level of the year. The last time such a value was recorded was on November 27, 2024. So, the price of natural gas spiked to $536 per 1,000 cubic meters.

The rally in commodity prices is driven by the cessation of Russian gas transit through Ukraine. This measure took effect on January 1, 2025. Notably, on early December 31, gas prices climbed another 4%.

The transit of Russian gas to Europe through Ukraine officially ended on January 1 of this year. By that time, the five-year contract between Gazprom and Naftogaz, signed on December 30, 2019, had expired.

Meanwhile, the commodity market is affected by the doom and gloom. Experts underscore that neither Naftogaz nor the Gas Transmission System Operator of Ukraine is interested in extending a long-term agreement with Gazprom.