Gas prices in Europe up to $1,030 per 1,000 cubic meters

TASS Russian News Agency | Jan 13, 2022 at 5:48 PM

MOSCOW, January 13. /TASS/. Gas prices in Europe on Thursday rose to $1,030 per 1,000 cubic meters following a statement by Russia's Deputy Foreign Minister Sergey Ryabkov who said that Russia will find alternatives if the US introduces new sanctions. That is according to the data from London's ICE.

The price of February futures on the TTF hub in the Netherlands dropped to $1030 per 1,000 cubic meters or 86.92 euro per MWh.

In total gas price rose by 15.7% during the day.

Earlier on Thursday, Russian Deputy Foreign Minister Sergey Ryabkov said that the United States and its NATO allies are "unready in any form and for any reasons to meet halfway" Russia's key demands on security guarantees.

The exchange price of gas in Europe on December 21 exceeded $2,000 per 1,000 cubic meters for the first time in history against the backdrop of the cold weather and with abnormally low gas reserves in European underground storage facilities. However, in the following days, the price was adjusted amid the warner weather and the resumption of wind power generation in Europe and the news that the number of tankers carrying LNG from the US to Europe increased by a third.

However, the price of futures on the TTF hub is volatile due to speculative factors and does not reflect the real price of physical supplies to Europe.

According to Gazprom, the average price of gas exports under contracts in 2021 will be $280 per 1,000 cubic meters.