Gas price in Europe hits $1,250 per 1,000 cubic meters: ICE data

Natural gas prices in Europe climbed above $1,250 per thousand cubic meters by the close of business on November 14, according to ICE data.

Gas prices soared by 20% in total over the day. December futures at the TTF hub in the Netherlands edged up to $1,256 per thousand cubic meters or to 117.5 euro per MWh, reports TASS.

The rise in gas prices in Europe resumed as temperatures in the region started to drop.

Supplies of gas from the Asgard and Visund fields have been nearly completely halted due to technical problems, and a timeframe for the resolution of the problems remains unclear, according to Gassco gas transport operator.

The average gas price as of the end of October was about $1,382 per thousand cubic meters. It declined against September, driven by gas reserves close to maximum, abnormally warm weather in the EU this October and a much higher average share of wind generation as part of the total electricity output.