What happened? Exchange gas prices in Europe rose by about 7% and after a decline on Friday again exceeded $1100.
Source. This is evidenced by the data of the London ICE exchange, enkorr reports.
Details. The nearest – December – futures on the index of the largest European hub TTF, located in the Netherlands, opened trading at $1065.5 per 1000 cubic metres (+ 2.7%). Subsequently, the price rose to $1112.2 (+7.2%). The dynamics of quotations is given from the settlement price of the previous trading day, Friday – $1037 per 1000 cubic metres.
At the same time, prices on the spot market are much lower. The cost of the day-ahead contract amounted to $716.6 per 1000 cubic metres on November 14, according to the EEX exchange.
The average price of spot contracts in November is even lower – $605.8, which is almost 1.5 times less than the average settlement price of futures in November ($1183) and almost 40% less than the average price of spot contracts in November last year (about $1000), according to Elexys.