MOSCOW (Pakistan Point News / Sputnik - 20th January, 2022) Gas futures prices in Europe are down 8% on Thursday, trading at $820-860 per thousand cubic meters, according to London-based ICE exchange.
February gas futures on the TTF index, the largest European hub, are showing fluctuations from $820 to $860. Wednesday's settlement price is $883.3.
Last week, gas futures prices were between $825 and $1,130 per 1,000 cubic meters. On January 12, the settlement price fell down to almost $885 but soared to $1,025 by Friday.
Gas prices in Europe started to rise last spring, when the average spot price on the TTF index was between $250 and $300 for thousand cubic meters. At the end of the summer 2021, the price for 1 day-ahead contracts exceeded $600, and in early October topped $1,000.
On December 21, the quotes reached a record $2,190.4 per 1,000 cubic meters, and then started to go down. January's settlement price for futures dropped almost by half in late December, and was $1,020 on December 30. In the first half of January, the prices�were fluctuating.
Rise in gas prices might have been caused by several factors, according to experts, including, low occupancy rate of European gas storage facilities, limited supply from main producers, and high demand for liquefied gas in Asia.
