Gas prices in Europe up 9%

Gas prices in Europe jumped 9% at auction on March 10, rising slightly above $520 per 1,000 cubic meters, reported from the London Stock Exchange ICE.

April (nearest) futures on the TTF index (the biggest hub in Europe, located in the Netherlands) opened trading at $515 per 1,000 cubic meters. They then rose 9.1% to $521. The dynamics of quotations is based on the settlement price of the previous trading day - $477.9 per 1,000 cubic meters.

Exchange gas prices have been steadily declining since the end of last year and on March 9, for the first time in more than a year and a half - since July 27, 2021 - they fell below $450 per 1,000 cubic meters. This is almost four times lower than the levels of early December, when quotes on some days exceeded $1,700, and more than eight times lower than the record values of the first days of March last year - almost $3,900 per 1,000 cubic meters.

Experts noted that the price of gas on the European stock exchange is declining due to sufficient reserves in underground gas storage facilities in the European Union, as well as warm and windy weather and austerity measures that have significantly reduced gas consumption.

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