Gas prices in Europe are moderately declining

MOSCOW, 14 Oct – PRIME. Gas prices in Europe in the first two hours of trading on Friday are moderately declining, keeping at the level of 1505-1530 dollars per thousand cubic meters, according to the London ICE exchange.

The next – for delivery in November – futures on the TTF index opened trading on Friday with a decrease, at the level of 1520 dollars per thousand cubic meters (-1.5%). Then the quotes fell to about $1,505 (-2.4%) and rose to $1,530 (-0.8%). As of 11:00 Moscow time, the price was $1,520 per thousand cubic meters. The dynamics is given from the settlement price of Thursday, the previous trading day – 1542.7 dollars.

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), 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.