Gas prices in Europe rise about 2%

Gas futures in Europe rose about 2% on December 9 to trade slightly below $1,550 per 1,000 cubic meters, Report informs referring to the London Stock Exchange ICE.

January futures on the TTF index (the largest hub in Europe located in the Netherlands) opened trading at $1,531.7 (+1.3%). Further, the price of gas in Europe was $1,545.2 (+2.2%). The dynamics of quotations is based on December 8 settlement price - $1,511.6 per 1,000 cubic meters, which was 6.7% lower than on December 7.

At the same time, average prices on the spot market for December 8 also fell. On that day, the cost of the contract with the delivery ‘one day ahead’ - December 9 - fell by 7.4% to $1,495.7.

Despite the current decline, gas prices are several times higher than the average for a long history of observations. Such a steady rise in prices has not been seen in the entire history of the operation of gas hubs in Europe - since 1996.