In Europe, natural gas prices have reached the highest level in the past 2 years due to low temperatures and decreasing gas reserves in storage. At the TTF, the virtual natural gas trading hub based in the Netherlands with the greatest depth, the gas price per megawatt-hour in March futures contracts rose by around 4% today to 58.75 euros. As a result, natural gas prices in European markets have climbed to the highest level since February 2023. The increase in gas prices stems from ongoing cold weather conditions boosting consumption, declining gas reserves in storage, and tensions rising in commercial relations due to the expected customs duties imposed by the United States on the European Union (EU). In the coming days, a decrease in temperatures, particularly in Northern European countries, is expected to increase gas demand. The increase in gas demand is predicted to result in a faster decline in the level of gas reserves, which have been at their lowest level in Europe since 2022. According to Gas Infrastructure Europe data, the gas storage level in Europe dropped to 49% as of February 8. Thus, the filling level of gas storages in the EU is approximately 8% below the average of the same period in the past 5 years.