Gas futures prices rise by almost 19%

Posted 24 January, 2022

Gas futures prices in Europe are growing by almost 19%, at the level of $1,100 per thousand cubic meters, according to the London ICE exchange.

The cost of February futures on the TTF index, the largest European hub, crept up to $1,000 already in the first minutes of trading. Then the quotes slowed down the growth rate, but after a while, they again switched to accelerated growth, and at 15.48 Moscow time the prices reached 1101.3 dollars. The price at 16.01 Moscow time slightly decreased to $1,091.6, which is 18.7% higher than Friday's settlement price of $922.8.

A noticeable increase in gas prices in Europe began in the spring when the average spot price on the TTF index fluctuated in the range of $250-300 per thousand cubic meters. In the last days of summer, the value of a contract with a "day ahead" delivery 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 operation of gas hubs - since 1996 - in Europe.

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

The situation on the gas market in Europe remains difficult: prices are still several times higher than the average for January, the occupancy of European gas storage facilities is at the lowest level in many years, the winter continues and no one can yet say whether there will be enough gas for consumers.

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