The price of the November TTF futures on the ICE Futures exchange reached $1102 per thousand cubic meters on Thursday morning and, therefore set a new record.
This is proved by trading data of the London ICE exchange.
As of 10:08 AM, the cost of the November futures at the TTF hub in the Netherlands reached 91.845 euros per MWh, or $1101.6 per 1,000 cubic meters.
In total, in September, the average value at the TTF hub in the Netherlands was $759 per thousand cubic meters.The past historic record was reached just the day before. Yesterday, the price for 1,000 cubes reached 1,050 dollars.
The gas prices in Europe has been gradually increasing for a long time. Back in early August, the estimated price of the nearest Dutch TTF index futures was around $515 per thousand cubic meters, by the end of August the figure approached $600.
Over the past few weeks, the gas pricewas almost doubled in price in the European market.
According to analysts, this is due to the low European stocks, tight supplies and high demandcaused by economic recovery after the pandemic, weather factors, etc.