Gas prices in Europe rise by over 5%

Gas futures for January delivery in Europe rose more than 5% and traded above $1,700 per thousand cubic meters, Report informs via the London Stock Exchange ICE.

January futures on the TTF index (the largest hub in Europe located in the Netherlands) opened trading at $1,696.3. Then they rose to $1,707.4 (+5.4%). The price dynamics are based on Wednesday's settlement price – $1,620.4 per thousand cubic meters, which was 7.8% higher than on Tuesday.

At the same time, prices on the spot market are also rising and are now comparable to prices on the futures market, although a month ago, they were several times lower. On Wednesday, the cost of the contract with the delivery "one day ahead" - December 8 - increased to $1,615.2 (+6.8%), following the EEX exchange's data. Gas quotes are growing against a decrease in electricity generation from wind and a cold snap in Europe.