On Monday morning trading, gas prices in Europe slightly decreased but remained above $520 per thousand cubic meters, according to the London-based ICE exchange.
February gas futures traded on the TTF index (the largest hub in the Netherlands) opened at $522.6 per thousand cubic meters, down 1%. By 8 a.m., the price stood at $523.7, a 0.8% decrease, which is lower than the previous day’s settlement price of $528.1.
Analysts warn of potential price increases due to the cessation of Russian gas transit through Ukraine. Gazprom announced it could no longer supply gas after the expiration of its agreement with Naftogaz of Ukraine on January 1. The Ukrainian side previously stated that it does not intend to extend the contract.
Last year, gas prices in Europe fluctuated: in the first quarter, the average price was about $310; in the second, $355; in the third, $455; and in the fourth, $480 per thousand cubic meters. The average cost of futures for the year decreased by 16.3% to $386.5.
However, at the end of February 2024, prices briefly fell below $250 per thousand cubic meters, and on November 14, for the first time in a year, exceeded $500.
