Gas prices in the EU exceeded $509 per thousand cubic meters

Gas prices in Europe increased by 6.5% during trading, reaching $509 per thousand cubic meters, according to data from the ICE exchange. 

February futures on the TTF index opened at $494.9 (+3.5%), the minimum value was $491.5 (+2.7%), and the maximum value was $512.2 (+7.1%). Trading closed at $509.3 (+6.5%).

Weather conditions and geopolitical tensions remain the main drivers of price growth. According to analysts, volatility in the gas market is common, and until the end of the winter season, which is accompanied by high demand, prices will remain above average levels. 

Experts also note that new US anti-Russian sanctions may worsen the energy crisis in the EU, which is likely to lead to further price increases. The full impact of these restrictions will become apparent later.

Earlier, US President Joe Biden predicted that sanctions against the Russian oil industry would most likely cause an increase in gas prices.