MOSCOW, January 24. /TASS/. Gas prices in Europe surpassed $1,100 per 1,000 cubic meters on Monday for the first time since December 27, 2021, according to London’s ICE.
The February futures price at the TTF hub in the Netherlands rose to $1,102 per 1,000 cubic meters or 94.3 euro per MWh.
The overall increase in gas prices since the beginning of the trading day is 19.4%.
On December 21, 2021, the exchange price of gas in Europe for the first time in history exceeded $2,000 per 1,000 cubic meters against the backdrop of the coming cold weather and abnormally low reserves in European underground storage facilities. However, in the following days, the price adjusted amid warmer weather in the region, the resumption of wind generation in Europe, and news that the number of tankers carrying LNG from the US to Europe increased by a third.
The price of futures on the TTF hub is volatile due to the speculative factor and does not reflect the real price of physical deliveries to Europe. According to Gazprom, the average gas export price under contracts in 2021 was $280 per 1,000 cubic meters.