MOSCOW, December 27. /TASS/. Gas prices in Europe on Monday rose above $1250 per 1,000 cubic meters, according to the data from London’s ICE.

The price of January futures on the TTF hub in the Netherlands rose to $1,252 per 1,000 cubic meters or 107 euro per MWh.

The overall decline in gas prices since the beginning of the day was over 3%.

The exchange price of gas in Europe on December 21 exceeded $2,000 per 1,000 cubic meters for the first time in history against the backdrop of the cold weather and with abnormally low gas reserves in European underground storage facilities. However, the price of futures on the TTF hub is volatile due to speculative factors and does not reflect the real price of physical supplies to Europe.

The average price of gas exports under Gazprom contracts in 2021 will amount to $280 per 1,000 cubic meters.