Selling prices for gas in Europe rose on the stock exchanges after falling below $700 per thousand cubic meters for the first time in 16 months by the end of the trading session on Thursday.

According to the London Stock Exchange ICE, prices rose by about 6%, exceeding $750 per thousand cubic meters.

February futures for the TTF index (the largest in Europe, located in the Netherlands) opened trading at $696.4 per thousand cubic meters (-2.3%), which was the minimum trading price. The maximum amount was $796.2 (+11.7%).

The futures contract last traded at $754.9 (-5.9%). And the dynamics of applications depends on the settlement price of the previous trading day – $ 712.7 per thousand cubic meters.

Earlier on January 5, prices fell below $700 for the first time in 16 months since September 10, 2021.

Experts pointed out that the current decline in prices is due to the arrival of heat in Europe and an increase in wind energy generation.

On December 19, the EU countries agreed to set the maximum gas exchange rate at 180 euros per megawatt-hour (about $2,000 per thousand cubic meters). This decision will come into force on 15 February. This measure aims to protect European households and companies from high gas prices.

Source: News

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Robin Jackson is the editor-in-chief at 24PalNews. As an editor and author who covers business and finance, Robin shares the latest business news, trends, and insights with his extensive audience.

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