The price of TTF October futures on the ICE Futures exchange on Tuesday morning reached €65.5 per MWh, or $800.2 per thousand cubic meters, according to the exchange data, Interfax-Ukraine reports.
In August, the average value of a day-ahead contract on TTF was $533, in early September – $669 per thousand cubic meters. Since the beginning of the year, the average price of a day-ahead contract on TTF was $346 per thousand cubic meters.
The main factor behind the rise in prices is the low level of gas reserves in underground storage facilities in Europe with its limited supply through pipelines and in liquefied form. A little more than a month remains before the transition from injection to withdrawal from underground storage facilities, and the level of reserves barely exceeded 70%. On Sunday morning, reserves stood at 70.75%, down 15.6 percentage points from the five-year average.
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