Gas price in Europe jumped to 1177 dollars per thousand cubic meters
Gas price in Europe broke the record for the third time in a day – $ 1177 per thousand cubic meters
The gas price on the European market has renewed its maximum for the third time in a day, according to data from the ICE Futures exchange.
On the eve of November futures on the Dutch TTF index (the most liquid European hub) rose above $ 1,060 per thousand cubic meters and continued to rise in price this morning. By 09:16, they set another record – 1076 dollars, half an hour later they crossed the level of 1100 dollars, and by 11:21 they had jumped sharply to 1177.6 dollars.
The dynamics of futures is calculated on the exchange from the settlement price of the previous day: on Wednesday it was $ 1,055.
The cost of gas in Europe has skyrocketed in recent weeks – if at the beginning of August futures were trading at $ 515 per thousand cubic meters, then a month later they had already risen to $ 614, and by the end of September they had doubled in price.
Analysts believe that this is due to concerns about a possible shortage due to the low occupancy of European gas storage facilities. In addition, the increased demand was driven by economic recovery and weather factors, as well as competition for LNG with Asia and limited supplies of the largest European supplier, Gazprom.
Source: Al Jazeera website