Gas futures in Europe total $1,060 per 1,000 cubic meters

15:30 | 27.01.2022
Gas prices in Europe during trading on the London Stock Exchange ICE have totaled $1,040-1,090 per 1,000 cubic meters.

The cost of February futures for gas on the TTF index, the most liquid European hub, after some fluctuation, amounted to $1,060.

A noticeable increase in gas prices in Europe began in 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.

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

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