Gas Prices in Europe Rise to Highest Level in 10 Months

Gas prices in European exchanges surpassed $500 per thousand cubic meters in trading on Thursday for the first time since March 21, amid fluctuations in European markets and impacts on futures contracts.

Futures Performance

As of 10:40, February gas futures on the "TTF" index, the largest gas trading hub in Europe, rose by 3% to $489 per thousand cubic meters.

Previously, the contracts had recorded an increase of 6.4%, reaching $505.3 per thousand cubic meters.

Comparison with Previous Years

The average gas futures contracts in Europe last year were around $420 per thousand cubic meters, an increase of nearly 9% from the average in 2022, reflecting increasing pressures on European energy markets amid fluctuations in supply and demand.