Prices for gas futures in Europe at the beginning of December 16 trading fell by almost 6%, Report informs referring to the London Stock Exchange ICE.
January futures on the TTF index (Europe’s largest hub located in the Netherlands) opened trading down 4.2% at $1,421.8. Then the price of gas was $1,399.6 (-5.7%). The dynamics of quotations is based on December 15 settlement price - $1,484.1 per 1,000 cubic meters.
Gas prices in the region rose significantly in the spring of 2021, when the spot price on the TTF hub index fluctuated in the range of $250-$300 per 1,000 cubic meters. At the end of the summer, the figure exceeded $600, and in the fall, it was already $1,000.
The sharp rise in prices continued into 2022. In early March, due to fears of a ban on imports of Russian energy resources, gas contracts for delivery next month reached a record high of $3,892 per 1,000 cubic meters.