Gas prices in Europe rise 0.5%

European gas prices rose 0.5% at the start of Tuesday's trading compared to Monday's settlement price, to just under $428 per 1,000 cubic meters, Report informs referring to the London ICE exchange.

January (nearest) futures on the TTF index (Europe's largest hub, located in the Netherlands) opened trading at $429.8 (up 1%). They subsequently settled at $427.7 (up 0.5%).

The price dynamics are based on the previous trading day's settlement price of $425.7 per 1,000 cubic meters. The average price of gas futures on the European exchange last year slightly exceeded $420, which is almost 9% higher than the previous year.