Gas prices in Europe increase by 1.1%

Gas prices in Europe rose slightly at the beginning of trading on Wednesday, to $580 per thousand cubic meters, Report informs with reference to the London Stock Exchange ICE.

March (nearest) futures on the TTF index (the largest hub in Europe, located in the Netherlands) opened trading at $585.7 (+1%) per thousand cubic meters. Then they rose to $585.9 (+1.1%). The dynamics of quotations are based on the settlement price of the previous trading day - $579.6 per thousand cubic meters.

Exchange gas prices in Europe fell below $600 per thousand cubic meters on January 17 for the first time in 16 months. 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.