European Natural Gas Prices Exceed $560 Per Thousand Cubic Meters

BUSINESS TURKMENISTAN
European Natural Gas Prices Exceed $560 Per Thousand Cubic Meters
The spot natural gas prices at the Dutch TTF hub on Thursday reached $562.6 per thousand cubic meters.

Spot gas prices in Europe continue to break record highs. The spot price of gas with delivery on Friday at the main hub of Europe – Dutch Title Transfer Facility (TTF) – exceeded $560 per thousand cubic meters, the Russia-based PRIME Business News Agency reported on Thursday.

The spot prices at the TTF on Thursday reached $562.6 per thousand cubic meters. Exactly a month ago, on July 12, spot prices were approaching the level of $450 per thousand cubic meters, and increased by 1.25 times over the month. And a year ago, the average price in August was $89.

Futures prices in the market are also in upward trajectory. On Wednesday, the price of the September futures contract on the Dutch TTF hub neared $570 per thousand cubic meters, reached another all-time high. At the opening of trading on Thursday, the price of the futures was $559, during the day the indicator reached $568.6.

The sharp rise in gas prices on the futures market began last year. Exactly one year ago, on August 12, the average futures price was about $149.4 per thousand cubic meters, and increased by 3.8 times over the year. Since the beginning of June, when the futures price was about $316.8, prices have increased almost 1.8 times.