Gazprom Warms European Natural Gas Prices Could Top $3,000 MCM

Natural gas prices in Europe could top $3,000 per thousand cubic meters, according to Gazprom, cited by Russian news agency Interfax, which would be above a proposed safety price ceiling for the benchmark European gas futures. Last week, the European Commission proposed a new EU instrument to limit excessive gas price spikes, consisting of a safety price ceiling of $285 (275 euros) per megawatt hour (MWh) on the month-ahead derivatives at the Title Transfer Facility (TTF) hub, the benchmark for the European gas price. The 275 euros/MWh price equals…