MOSCOW, May 26. Exchange prices for gas in Europe, after passing the $400 threshold for the first time since the end of last year, may drop to $360-370 per thousand cubic meters, but after this growth is possible again, said BCS World of Investments stock market expert Lyudmila Rokotyanskaya in a commentary.
On Thursday, gas exchange prices in Europe according to the TTF index (Europe's largest hub located in the Netherlands) exceeded $400 per thousand cubic meters for the first time in five months. 
“The technical picture indicates a high probability of correction in the asset. Its probable target is $360-370 per thousand cubic meters. After this, the upward movement may continue. Last summer, there were more serious growth spurts — the price tag rose above $500 per thousand cubic meters,” — believes the agency's interlocutor.
The rise in prices, Rokotyanskaya continued, is caused by a combination of factors. Firstly, although underground gas storage facilities in Europe are now filled at about 47% above the average level of the last five years, they still need to be replenished, which means demand will increase.
Secondly, the Austrian OMV announced the risk of a court decision of non-payment to Gazprom Export for its gas, which is fraught with a possible cessation of supplies to the country. “In the short term, this could be stressful for the entire European market,” she said.
Thirdly, this week there were interruptions in gas production in Norway, which is now one of the key suppliers on the European market. Fourthly, part of the gas still reaches Europe through Ukraine. “There are fears that these supplies will stop. The transit agreement between Russia and Ukraine expires this year: Kyiv does not want to renew the deal,” added Rokotyanskaya.