Gas prices in Europe climbed above $1,000 per 1,000 cubic meters by the end of the trading session, according to ICE data, Trend reports citing TASS.
February futures prices at the TTF hub in the Netherlands surged to $915 per 1,000 cubic meters or 78 euro per MWh. Prices moved by 2.3% over the day.
The futures prices at the TTF hub are volatile because of the speculative factor and do not reflect the actual price of physical gas supplies to Europe. According to Gazprom, the average gas export price under contracts in 2021 will stand at $280 per 1,000 cubic meters.