Gas prices in Europe hover around $980

Gas futures surged by 0.6-4.3% at European auctions on Tuesday from the settlement price on Monday and continue to vary from $945 to 980 per thousand cubic meters, Report informs, citing London's ICE.

The cost of March futures on the TTF index, the largest European hub, rose by 0.6-4.3% at auction on Tuesday after the settlement price dropped to $938.2 on Monday.

Experts link the rise in prices to several factors: high demand for liquefied natural gas (LNG) in Asia, a limited supply from major suppliers, and low levels of occupancy of European underground storage facilities (after a long cold winter and hot summer in 2021).