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, reported from 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.

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