Miller’s phrase about “the Christmas tree” estimated the prospects for rising gas prices in the EU in winter

The price of gas in Europe reached $ 1,000-$1,100 per 1,000 cubic meters with a much lower forecast, the head of Gazprom Alexey Miller commented on the price situation in the EU gas market on the sidelines of the Russian Energy Week - 2026.

According to Miller, foreign experts underestimate the depth and time lag of factors affecting gas prices in Europe.

A month and a half ago, they estimated the price corridor in October at $800-$900. In fact, they reached the level of $ 1,000- $ 1,100. What then to wait under the Christmas tree? – said the head of Gazprom.

On October 13, the exchange price of gas in Europe updated the maximum since December 2022. The value of the November futures at the Dutch TTF hub at its peak reached €86.79 per MWh, or about $1,020 per 1,000 cubic meters. In September, quotes already exceeded $1,000, after which they retreated to about $870.

The rise in prices comes amid disruptions to shipping in the Strait of Hormuz and a reduction in LNG supplies from the Persian Gulf. This has increased competition for available fuel volumes and made it difficult to replenish European stocks ahead of the winter. As of October 12, European gas storage facilities were filled by 73.75% against 83.03% a year earlier. Analysts and industry experts polled by Reuters expected the figure to reach only 75-78% by November 1.