The spot price of natural gas in Europe stands at above $1,000 per thousand cubic meters (tcm) level for the second day in a row, reaching new highs. The price of November futures on TTF spot index for gas on the ICE Futures exchange on Thursday morning reached $1,102 per tcm, the Interfax news agency reports.
In September, the average spot price at the Dutch TTF hub – the main gas hub in Europe – was $759 per tcm.
Due to a general shortage of gas supplies (via gas pipelines and in liquefied form), Europe is forced to compete for LNG with the premium market in Asia.
Last night, spot futures contracts linked to the benchmark Asian Platts JKM index added another $23 to reach $1,071 per thousand cubic meters. With the opening of trading in Europe, this automatically pushes quotes to new highs, according to the report.
The historical record for the spot price on the Dutch TTF hub was recorded on March 1, 2018 –$969 per thousand cubic meters when the Beast from the East cold spell reigned in the continent.