Exchange gas prices in Europe have fallen by 17%

MOSCOW, 29 Aug – PRIME. Gas futures prices in Europe fell by 17% following Monday trading, slightly exceeding $2,900 per 1,000 cubic meters, according to data from the London-based ICE exchange.

The nearest futures (according to the index of the largest European hub TTF) opened trading at the level of 3131.9 dollars per thousand cubic meters (-10.7%), prices throughout all trading showed a noticeable drop, and a few hours later fell to the low of the trading session at 2773.6 dollar (-21%).

Monday’s high was $3151.5 (-10.1%). Gas prices at the end of the closing amounted to 2915.3 dollars per thousand cubic meters (-16.8%). The dynamics of quotations is based on the settlement price of the previous day – $ 3,507.3 per thousand cubic meters, which has become a record for the entire period of operation of gas hubs in Europe – since 1996.

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 increase in prices on European gas markets is due to the uncertainty regarding gas supplies. A week ago, Gazprom announced that Nord Stream, due to scheduled maintenance of the only working gas pumping unit at the Portovaya compressor station, will stop for three days, from August 31 to September 2. Futures contracts for the supply of gas in September (under TTF) jumped almost 8% after this news, above $2,700 per thousand cubic meters.