Futures traded at the Title Transfer Facility (TTF) in the Netherlands drove the price of natural gas per MWh up from just under €17 on Jan. 4, 2021, to more than €100 at last count for delivery at the end of next February. That was a record increase of almost 600%. By way of comparison, the price for a MWh normally has ranged €15-€20 on average, over many years. But a look at the quotations for delivery dates set by futures, for even after the winter heating season, shows that these times for low prices are over for now: With prices of almost even €60 for deliveries at the end of June, natural gas will remain three times as expensive as the long-term average in the summer of 2022. The current price for gas traded for immediate payment for short-term delivery is at €175/MWh, a new all-time high.