Gas futures prices in Europe have again exceeded $1,000 per 1,000 cubic meters, according to trading data on ICE Futures, Report informs.
The price of November gas futures according to the Dutch TTF index, the most liquid European hub, at the opening of trading amounted to approximately $955, after which it increased to $1,000, and by 11:25 (GMT+4), reached $1,024 per 1,000 cubic meters, which is 6.7% higher than the estimated price on September 28.
The dynamics of futures are calculated on the exchange from the settlement price of the previous trading day. On September 28, trading closed at $940 per 1,000 cubic meters, and the target price was a record $960. At the same time, gas prices at the auction on September 28 exceeded the record $1,040 per 1,000 cubic meters.
Gas prices in Europe have risen sharply in recent weeks. At the beginning of August, the estimated price of the nearest futures on the Dutch TTF index was almost $515 per 1,000 cubic meters, by the end of August, the indicator approached the level of $600.
Earlier, Dmitry Marinchenko, a senior director in Fitch Ratings' Natural Resources & Commodities team, noted that the dynamics of gas futures prices will depend mainly on two factors: weather and Gazprom’s supplies, which may grow after the launch of the Nord Stream 2 gas pipeline. Prices are fueled by fears of a physical shortage of gas in the event of a cold winter and the risk that supplies cannot be increased, the expert added.