Gas prices in Europe up 2.7%

March gas futures traded in the range of $890-$915 per thousand cubic meters, slightly above Tuesday's settlement price, Report informs, citing the data from London's ICE.

The volatility of gas prices in the first hours of trading is small. March futures were almost $900 at the opening of the trading session and soon reached $914.3, the maximum for the beginning of trading. The indicator is 2.7% higher than Tuesday's settlement price of $890.

The increase in European gas prices became tangible in spring last year when the average spot price on the TTF index fluctuated in the range of $250-300 per thousand cubic meters. In the last days of summer, the value of a contract with a "day ahead" delivery exceeded $600, and in early October, it crossed the threshold of $1,000. In December, prices doubled, reaching a historic high of $2,190.4, for the first time in the history of gas hubs - since 1996 - in Europe.

Experts attributed the price hike to several factors, including high demand for liquefied natural gas (LNG) in Asia, limited supply from major suppliers, and low occupancy of European underground storage facilities after a long cold winter and hot summer.