Exchange gas prices in Europe fell below $1,500 per thousand cubic meters

MOSCOW, 10 Oct — PRIME. Exchange gas prices in Europe at the beginning of trading on Monday for the first time since June 29 fell below $1,500 per thousand cubic meters, losing almost 6%, according to the London ICE exchange.

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Trading on Monday, futures contracts on the TTF index opened with a decrease of almost 6%, near the mark of about 1490 dollars per thousand cubic meters. As of 09.08 Moscow time, the cost is $1,489 (-6%). The dynamics is based on the settlement price on Friday, the previous trading day – 1582.9 dollars per thousand cubic meters.

Current prices, despite the decline, are several times higher than last year, when gas prices were already at a record level.

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The average settlement price of the nearest futures in September fell to $2,093 (-14.6%). In May, the figure was $1,030, in June it was almost $1,180 (+14.6% on a monthly basis), and in July it was about $1,805 (+53%). In August, the price slightly exceeded $2,450 (+35.7%), which was a record in the history of gas hubs in Europe since 1996.

But back 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 last explosive growth, at the end of August, was associated with the announcement of Gazprom about the suspension of the Nord Stream gas pipeline for three days for scheduled maintenance.