March 21, 2023

Dubai Week

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Gas prices in Europe have broken an all-time high


According to ICE futures trading data, the price of gas futures contracts in Europe rose to new record highs, crossing $ 1,300 per thousand cubic meters for the first time in history.

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The value of November futures contracts in the Dutch “TTF” index, considered one of the most liquid European hubs this morning, reached a record high of $ 1,300 per thousand cubic meters, indicating an increase of more than 8% compared to Monday’s estimated price.

It is noteworthy that the movement of futures contracts in the stock market is calculated by the settlement price for the previous trading day, Monday trading was $ 1,156.3 per thousand cubic meters, and the estimated price is close to $ 1,160.

Gas prices in Europe have risen sharply in recent months. At the beginning of August, the estimated future contract price near the Dutch DDF index was $ 515 per thousand cubic meters, and by the end of September that number had doubled. Prices broke record after record, reaching nearly $ 1,200 per 1,000 cubic meters on the first of October.

Experts observed that the future of gas prices in Europe is related to a number of factors, including the limited amount of European underground gas storage facilities, limited supply from major suppliers, and higher demand for liquefied natural gas in Asia.

Source: RIA Novosti

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