MOSCOW, October 22. /TASS/. The price of November gas futures on a European exchange exceeded $1,050 per 1,000 cubic meters for the first time since December 2022, according to TASS calculations based on data from London’s ICE exchange.
November futures at the Netherlands’ TTF hub rose to around $1,055 per 1,000 cubic meters, or 91.07 euros per megawatt-hour (MWh).
TASS previously reported that spot prices for day-ahead delivery at the TTF hub had already exceeded $1,050 per 1,000 cubic meters on October 20.
Meanwhile, liquefied natural gas (LNG) prices in Asia have also reached their highest levels in four years as winter approaches amid the absence of gas supplies from the Middle East, according to a TASS analysis of data from the region’s main trading hub. Spot LNG prices in Asia, as measured by the JKM index, exceeded $30 per million British thermal units (MMBtu), or approximately $1,080 per 1,000 cubic meters. This is the highest level since the fall of 2022.
Gazprom CEO Alexey Miller previously said that European gas prices had effectively reached $1,000-$1,100 per 1,000 cubic meters, far exceeding earlier forecasts.
Russian President Vladimir Putin has not ruled out the possibility of European gas prices rising to $1,500 per 1,000 cubic meters.