Exchange gas prices in Europe fell below $1,200 per thousand cubic meters

MOSCOW, 18 Oct – PRIME. Exchange prices for gas in Europe are falling by almost 10%, falling below $1,200 per thousand cubic meters for the first time since July 15, according to data from the London-based ICE exchange.

Tuesday’s trading on futures contracts on the TTF index opened with a drop in prices by almost 5.7%, to almost $1,223 per thousand cubic meters. The dynamics is based on the settlement price of Monday, the previous trading day – 1296.8 dollars per thousand cubic meters. As of 11:27 Moscow time, the cost of futures was $1,180.6 per thousand cubic meters (-9%).

Analysts interviewed by RIA Novosti noted that the decline in gas prices in Europe is due to the calming of the market due to the high level of occupancy of underground gas storage facilities, but the countries of the continent may face a new price surge. At the same time, gas quotes are several times higher than last year.

The average settlement price of the nearest futures in September, according to agency calculations based on ICE data, fell to $2,093 per thousand cubic meters (-14.6% on a monthly basis), while in August it slightly exceeded $2,450 (+35.7%), which has become a record for the entire history of the operation of gas hubs in Europe since 1996.

But back in early March, due to fears of a ban on the import of Russian energy resources, gas quotes 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.