Gas prices in Europe rise to three-year high

Spot gas prices in Europe hit a record high amid expectations of hotter-than-expected weather and reduced supplies from Norway, Report informs via Interfax.

The price of gas delivered on Wednesday at the TTF hub in the Netherlands increased by 6% in just a day - to $357 per thousand cubic meters.

The achieved indicator is the highest over the past three years and three months - since the beginning of March 2018. Back then, the Anticyclone Hartmut (dubbed the Beast from the East) was raging in Europe, and the price of gas soared to $969 at TTF and to $1,227 per thousand cubic meters at the British NBP.

Since the beginning of the year, the average price of a day-ahead contract on TTF has already amounted to $257 per thousand cubic meters.