Gas prices in Europe rise 2.7%

Exchange prices for gas in Europe on the first trading day of the week rose by 2.7%, reported from the data of the London Stock Exchange ICE.

February futures on the TTF index (the biggest hub in Europe located in the Netherlands) opened trading at $755.5 (+1.1%). Then they reached $766.9 (+2.7%). The dynamics of the prices is based on the settlement price of the previous trading day, January 20 - $747 per 1,000 cubic meters.

Exchange gas prices in Europe on January 17 for the first time in 16 months - from August 31, 2021 - fell below $600 per 1,000 cubic meters. Experts noted that the price of gas on the European stock exchange is declining due to warm weather and strong winds (wind farms have increased electricity generation), as well as sufficient gas reserves in underground gas storage facilities in the EU.

Despite the current decline, gas prices are more than double the average for a long history of observations. Such persistently high prices have not been seen in the entire history of the operation of gas hubs in Europe - since 1996.

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