Gas prices in Europe fell to $1,200 per thousand cubic meters

MOSCOW, 18 Oct – PRIME. Exchange prices for gas in Europe at the beginning of trading on Tuesday fall by almost 6% and are traded at about $1,220 per thousand cubic meters, according to data from the London-based ICE exchange.

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Tuesday’s trading on futures contracts on the TTF index opened with a drop in prices by almost 5.7%, to almost $1,223 per thousand cubic meters. The dynamics is based on the settlement price of Monday, the previous trading day – $1,296.8 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 due to the high level of occupancy of underground gas storages, but the countries of the continent 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 agency calculations based on ICE data, fell to $2,093 per thousand cubic meters (-14.6% in monthly terms), while in August it slightly exceeded $2,450 (+35.7%), which has become 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.