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European gas prices are on the rise again

gas pipes
┬ęCollage / Shutterstock/Fotodom

Gas futures in Europe at the beginning of trading on Tuesday, November 8, are going up. This is evidenced by the data of the London Stock Exchange ICE.

December contracts on the index of the most liquid European hub TTF opened exchange trading near $1,173.6 per thousand cubic meters of gas. This is 4% more than the settlement price of the previous trading day – $1,128.5 per thousand cubic meters.

Then the quotes went up, transmits Prime. Thus, as of 11:15 Moscow time, the price of the futures was $1,178.8 per thousand cubic meters of gas.

At the same time, prices on the spot market are now significantly lower than a year earlier. Thus, the day before, the price of a contract with delivery a day ahead (November 8) on the TTF index amounted to about $653 per thousand cubic meters of gas. In November 2021, it exceeded $1,000.

Gas futures in Europe at the beginning of exchange trading on Monday, November 7, prices fell by more than 6%. Thus, December gas futures on the TTF index started trading at $1,134.2 per thousand cubic meters. Then their cost fell below $1100.

After several months of growth, quotes, despite fluctuations, show a steady decline. At the end of October exchange gas prices fell below $960 per thousand cubic meters. As experts pointed out, a number of factors became the reason for such dynamics.

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