Economie

Gas futures prices in Europe rose by seven percent

ICE Futures: gas futures prices in Europe rose by seven percent by the end of trading

Gas futures prices in Europe by the close of today’s trading rose by 7.2%, approaching $ 900 per thousand cubic meters, according to data from ICE Futures.

The cost of the next – December – gas futures according to the Dutch TTF index, the most liquid European hub, at the opening of trading almost reached $ 860 per thousand cubic meters, and then – on information about a decrease in supplies through the Yamal-Europe gas pipeline – rose to $ 885. after which prices began to decline.

Read also

During the day, futures traded in the region of $ 830-860 on average, and by the end of trading, after Gazprom had not booked additional capacities for gas transit through Poland and Ukraine at auctions (except for capacity at the point of exit from the Ukrainian gas transportation system to border with Slovakia), increased – to a maximum of 896.8 dollars.

This cost by the end of trading amounted to $ 894.2, which is 7.2% higher than the settlement price of the previous trading day.

At the same time, gas prices were declining in the previous days. The target price for December futures on Wednesday fell to about $ 835, more than 10% lower than Monday and 3.4% lower than Tuesday. By lowering prices, the market reacted to an increase in Russian gas supplies.

Gas futures prices in Europe rose by seven percent
Gas futures prices in Europe rose by seven percent

On November 9, Gazprom announced that it had approved and began implementing a plan to pump gas into five European underground storage facilities for November, completing pumping into Russian ones. The corresponding order to the company was given by the President of the Russian Federation Vladimir Putin.

Gas prices in Europe rose sharply in late summer and early autumn. Back in early August, the estimated price of the nearest futures on the Dutch TTF index was about $ 515 per thousand cubic meters, and by the end of September the figure had more than doubled.

Experts linked the rise in gas prices in Europe to several factors: the low level of occupancy of European underground storage facilities, limited supply from the main suppliers and high demand for liquefied natural gas in Asia.

The all-time maximum – $ 1937 – was reached on October 6, after which gas prices began to decline. On the first day of November – for the first time in a month and a half – the price of futures fell below $ 750 per thousand cubic meters.

Source: BBC

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button