Gas futures prices continue to rise in Europe

The price of November gas futures in Europe at the beginning of trading on October 21 increased by 1%, exceeding $1,130 per 1,000 cubic meters, according to trading data on ICE Futures, Report informs referring to Prime agency.

The price of November gas futures according to the Dutch TTF index, the most liquid European hub, at the opening of trading amounted to $1,127.5 per 1,000 cubic meters, and at 10:45 (GMT+4) rose to $1,132.8, which is 1% above October 20 estimated price.

The dynamics of futures is calculated on the exchange from the settlement price of the previous trading day. On October 20, trading closed at almost $1,119.1 per 1,000 cubic meters, and the target price was $1,120.9.

Gas prices in Europe have risen sharply in recent months. Back in early August, the estimated price of the nearest future on the Dutch TTF index was about $515 per 1,000 cubic meters, and by the end of September the figure had more than doubled. At the same time, since October 6, having reached a historical maximum of $1,937 per 1,000 cubic meters, gas prices began to decline.

Experts attribute the rise in gas prices in Europe to several factors: the low occupancy rate of European underground gas storage facilities, limited offer from major suppliers and high demand for LNG in Asia.