Gas price in Europe surpasses $1,700 per 1,000 cubic meters first time since October

Baku, December 1, AZERTAC

The price of gas in Europe surpassed $1,750 per 1,000 cubic meters for the first time since mid-October, according to London’s ICE, TASS reports.

The price of January futures at the TTF hub in the Netherlands rose to $1,777 per 1,000 cubic meters or 164.965 euro per MWh (based on the current EUR/USD exchange rate, ICE prices are presented in euro per MWh).

Gas prices in Europe are growing as a result of the slow withdrawal of gas from storage facilities due to cooler weather and the recent decrease in the average percentage of wind generation in power output.