European gas futures ended trading lower than $2,200

MOSCOW, Sep 2 — PRIME. Exchange prices for gas in Europe ended Friday trading with a fall of 12.5%, for the first time since August 15, they fell below $2,200 per thousand cubic meters, according to the London ICE exchange.

The media reported that the price limit for oil from Russia will come into force before the end of the year

The nearest – October – futures (according to the index of the largest European hub TTF) at the opening were at the level of 2278.3 dollars per thousand cubic meters (-9.3%) and were in the red throughout the trading day. The price low was $2,104.6 (-16.2%), the high was $2,470.8 (-1.7%), and the closing price was $2,198.7 (-12.5%). The dynamics of quotations is based on the settlement price of the previous day – $ 2,512.7 per thousand cubic meters.

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In early March, gas prices in Europe, due to fears of a ban on the import of Russian energy resources, updated their historical highs for four days in a row. The price record of $3,892 per thousand cubic meters was reached on March 7.

The latest rise in prices on European gas markets was due to uncertainty about gas supplies. On August 19, Gazprom announced that Nord Stream would stop for three days, from August 31 to September 2, due to scheduled maintenance of the only working gas pumping unit at the Portovaya compressor station.

Futures contracts for gas supply in September (under TTF) jumped almost 8% after this news, above $2,700 per thousand cubic meters, and then exceeded $3,500 for the first time since March. However, it then dropped by more than $1,000 in a few days.

“Gazprom” has previously confirmed that the supply through the gas pipeline is terminated, scheduled work begins on the unit.

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