Gas prices in Europe rise about 2%

Gas futures in Europe rose about 2% on December 9 to trade slightly below $1,550 per 1,000 cubic meters, reported from the London Stock Exchange ICE.

January futures on the TTF index (the largest hub in Europe located in the Netherlands) opened trading at $1,531.7 (+1.3%). Further, the price of gas in Europe was $1,545.2 (+2.2%). The dynamics of quotations is based on December 8 settlement price - $1,511.6 per 1,000 cubic meters, which was 6.7% lower than on December 7.

At the same time, average prices on the spot market for December 8 also fell. On that day, the cost of the contract with the delivery ‘one day ahead’ - December 9 - fell by 7.4% to $1,495.7.

Despite the current decline, gas prices are several times higher than the average for a long history of observations. Such a steady rise in prices has not been seen in the entire history of the operation of gas hubs in Europe - since 1996.

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