Gas prices in Europe rise to $1,080

Gas futures prices in Europe have approached January 27 settlement price and rose to $1,080 per 1,000 cubic meters, Report informs referring to the London Stock Exchange ICE.

The cost of February futures for gas on the TTF index, the most liquid European hub, at the opening of trading slightly exceeded $1,050 per 1,000 cubic meters. However, after a few minutes, prices rose to almost $1,080. Then futures began to trade within $1,060-$1,080, which is close to the settlement price the day before - $1,068.9 per 1,000 cubic meters.

A noticeable increase in gas prices in Europe began in the spring, when the average spot price on the TTF index fluctuated in the range of $250-300 per 1,000 cubic meters.

In the last days of summer, the value of a day-ahead delivery contract exceeded $600, and in early October it crossed the threshold of $1,000. In December, quotes have already doubled, reaching a historic high of $2,190.4. There have never been such persistently high prices in the entire history of the functioning of gas hubs since 1996 in Europe.