Exchange gas prices in Europe fell to almost $1,555 per thousand cubic meters

MOSCOW, 13 Oct – PRIME. Exchange prices for gas in Europe following the results of trading on Thursday fell by 3.2%, to around $1,555 per thousand cubic meters, according to data from the London-based ICE exchange.

The nearest – with delivery in November – futures on the TTF index at the beginning of trading reached a price maximum – 1,740.1 dollars per thousand cubic meters (+8.3%). Then the quotes slowed down and turned negative, dropping to $1,515.9 (-5.6%), and by the close of trading rose slightly to $1,555.9 (-3.2%). The dynamics is based on the estimated price of the environment – 1606.7 dollars per thousand cubic meters.

Prices on October 10 for the first time since the end of June fell below $1,450 per thousand cubic meters. At the same time, they are several times higher than last year, when gas prices 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% on a monthly basis). In May, the figure was $1,030, in June it was almost $1,180 (+14.6%), 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.