Gas prices in Europe are rising amid the cold snap and negotiations in Istanbul

On Thursday, the gas market in the Netherlands and the UK saw an increase in prices caused by an increase in demand, which is associated with a noticeable cooling of the air. In addition, the attention of market participants is focused on the results of the negotiations between Russia and Ukraine, which are scheduled for the afternoon in Istanbul.

In the Netherlands, the price of gas for futures contracts continues to rise. Thus, the front futures on the TTF hub reached 34.94 euros per megawatt hour, while the price of the July contract also increased to 34.96 euros per megawatt hour.

Forecasters believe that the decrease in temperature in continental Europe is influenced by a powerful cyclone. In their explanatory note, the experts indicated that this weather will continue at least until the middle of next week, although a short-term warming is possible in the middle, after which a cold snap is likely again.