The gap between natural gas prices in Europe and natural gas prices in the USA reached an all-time high, climbing up to $40.

Gas prices in Europe have never been higher than those in the USA. The benchmark price of gas futures traded in the Netherlands is almost $40 more per million British thermal units (MMBTU) than gas prices in the US.

The reason for the difference between the natural gas prices of the two regions is the low levels of stocks in Europe in the winter months and the escalation of geopolitical tensions.

While investors focused on Russia’s increase in its military presence on the Ukrainian border, the concerns that the natural gas transfer from Nord Stream 2 might be delayed increased natural gas prices.

The Dutch 1-month TZT natural gas contract price stood at an all-time high at 128 euros per megawatt-hour on Wednesday. Natural gas prices last climbed to 116 euros at the beginning of October, and then fell to 64 euros at the beginning of November.

Although the natural gas supplied by Russia to Europe increased throughout November, it is still at low levels compared to the same period of the previous year.