Exchange gas prices in Europe fell by 12 percent on Tuesday

MOSCOW, 18 Oct – PRIME. According to the results of trading on Tuesday, exchange prices for gas in Europe fell by 12%, to $1,141 per thousand cubic meters, according to data from the London ICE exchange.

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

The next – with delivery in November – futures on the TTF index grew in the first half of the day, the price maximum amounted to 1253 dollars per thousand cubic meters (-3.4%). Then the quotes began to decline, reaching a price low shortly before the close of trading at 18.25 Moscow time – 1090.4 dollars per thousand cubic meters (-15.9%), and by the close of trading they slightly increased – up to 1141.3 dollars (-12%). Gas prices in Europe fell below $1,100 per thousand cubic meters for the first time since June 15. The dynamics is based on the settlement price of Monday, the previous trading day – 1296.8 dollars per thousand cubic meters.

Analysts interviewed by RIA Novosti noted that the decline in gas prices in Europe is due to the calming of the market against the backdrop of a high level of occupancy of underground gas storages, but the region may face a new price surge. At the same time, gas quotes are several times higher than last year, when they were already at a record level.

The average settlement price of the nearest futures in September, according to RIA Novosti calculations based on ICE data, fell to $2,093 (-14.6% in monthly terms), while in August it slightly exceeded $2,450 (+35.7%), which became 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.