European gas prices surge to 2-year high

Europeans are paying more this winter for the natural gas they use to heat their homes.

With demand high because of the unusually cold weather throughout the continent, and with supply limited because of dwindling stockpiles, the price of gas shot up to a two-year high this week of 1.68 euros ($1.73) for a therm, which equates to about 2.83 cubic meters of the fossil fuel.

Futures at the Title Transfer Facility in the Netherlands, a hub that acts as a virtual trading point for natural gas, went up by 4 percent to 58 euros per megawatt-hour, or some $635 per thousand cubic meters — the highest level since February 2023.