Gas price in Europe hits $1,340 per 1,000 cubic meters

By Trend

The price of gas in Europe climbed to $1,340 per thousand cubic meters during Tuesday trading, according to ICE data. Gas prices increased by over 8% in total over the day, Trend reports with reference to TASS.

December futures at the TTF hub in the Netherlands rose to $1,340 per thousand cubic meters, or to 124.645 euro per MWh.

The rise in gas prices in Europe resumed as temperatures in the region started to drop.

Moreover, supplies of gas from Norway’s Asgard and Visund fields have been nearly completely halted due to technical problems, and a timeframe for the resolution of the problems remains unclear, according to Gassco gas transport operator.

The average gas price as of the end of October was about $1,382 per thousand cubic meters. It declined against September, driven by gas reserves close to maximum, abnormally warm weather in the EU this October and a much higher average share of wind generation as part of the total electricity output.