Gas prices in Europe fell below $1,600 per thousand cubic meters

MOSCOW, 5 Oct – PRIME. Exchange gas prices in Europe continue to win back the resumption of Russian supplies to Italy through Austria, fell for the first time since July 21 below $ 1,600 per thousand cubic meters, lost 5%, according to the London ICE exchange.

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1 Gazprom resumed gas supplies via Austria

2 Europe advised to raise taxes for the rich instead of limiting gas prices

3 Related posts:

Gazprom resumed gas supplies via Austria

Gazprom said earlier on Wednesday that it and buyers in Italy managed to find a solution for Russian gas supplies, and its transport through Austria, stopped on October 1, is being resumed. A little later, the Italian Eni confirmed that it was receiving gas again.

Futures contracts on the TTF index opened trading in positive territory, in the first minutes they cost $1,700.6 per thousand cubic meters (+1.5%). So far, the maximum prices have risen to $1,730.7 (+3.3%). However, after reports from Gazprom and Eni, they began to decline, while falling to the maximum to $1,590.2 (-5.1%). As of 11:17 Moscow time, they are at $1,609 (-3.9%). The dynamics is given from the settlement price of the previous trading day – 1675.6 dollars per thousand cubic meters.

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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.

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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. Quotes jumped above 3500 dollars per thousand cubic meters and updated historical records of the settlement price several times.

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The start of a special military operation and related sanctions have affected the decline in Russian gas exports to Europe. Due to non-payment of gas under the new scheme in rubles, Gazprom stopped deliveries to Bulgargaz to Bulgaria, PGNiG to Poland, Gasum to Finland, GasTerra to the Netherlands, as well as Shell Energy Europe to Germany and Orsted to Denmark. Deliveries along the main route, Nord Stream, as well as Yamal-Europe, have ceased, and the Ukrainian gas transmission system has significantly decreased.