European gas prices jump 3% to above $1,160 amid monthly surge
European gas futures rose 3% on the last trading day of October, pushing the TTF benchmark above $1,160 per 1,000 cubic meters, as the market closed out a month of sharp gains.
December front-month contracts on the TTF index, Europe’s main gas trading hub located in the Netherlands, opened the session at $1,141.9 per 1,000 cubic meters, up 1.2% from the prior settlement of $1,128.8. Prices extended gains through the day, touching $1,163.7, a rise of about 3.1%, according to data from the London ICE exchange.
The move capped a volatile month for European gas. Separately, Germany’s gas storage levels stood at 62%, below the country’s winter target, adding to supply concerns heading into the colder season.
This matters for energy markets because higher European gas prices tend to lift power generation costs across the region and can spill over into broader commodity sentiment, including crude oil. Tight storage levels combined with geopolitical risk premiums also tend to keep volatility elevated in gas and related energy derivatives through the winter demand season.
Sources: Investing.com (commodities); Report.az (business); Investing.com (economy)