The recent attack on the Sudzha gas metering station in Russia’s Kursk region has caused a sharp rise in European natural gas prices, with TTF gas futures spiking by 6.4%. However, the impact of this attack was tempered by a subsequent price correction, with futures closing the week at €42.60/MWh, slightly above the previous week’s levels. This situation reflects ongoing uncertainties about the resumption of Russian gas supplies to Europe, as the attack occurred on a key pipeline that had been supplying gas to Europe until January 2025. Despite the surge in prices following the incident, TTF gas futures remained below €50/MWh for the week.
The attack has further complicated the already tense energy situation, as Ukraine and Russia continue to blame each other for the incident. The Sudzha station, which was crucial for gas deliveries to Europe until earlier this year, had been under Ukrainian control since August 2024, though the Russian forces recently recaptured it in March 2025. The geopolitical dynamics surrounding this conflict continue to create volatility in the European gas market, as some European countries had hoped for a resumption of gas supplies through this route.
On the supply side, Europe experienced a brief period of gas storage injections due to milder weather conditions, stronger renewable energy output, and lower demand during the weekend, which helped offset some of the price pressures. The situation remains fluid, with ongoing debates about the future of Russian gas exports and their potential impact on Europe’s energy security.
