• 25/07/2024 02:36

Gas prices in Europe fell below $300 per thousand cubic meters

Gas prices in Europe on the morning of January 22 fell below $300 per thousand cubic meters for the first time since July 28, 2023. This is evidenced by data from the London ICE exchange, reports enkorr.

Gas prices in Europe have fallen below $300 per thousand cubic meters

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Trading on the exchange

February (nearest) futures on the TTF index (the largest hub in Europe, located in the Netherlands) opened trading at 10:00 on level of $307.7 (-3.8%). During trading, the price dropped to $299.8 (-6.3%) – below the psychological mark of $300 for the first time since July 28.

As of 10.00 Kyiv time, their value is $301.8 (-5 .6%). The dynamics of quotes are based on the settlement price of the previous trading day – $319.8 per thousand cubic meters.

“On Monday, monthly gas futures fell to their lowest level since 2021. The situation has not fundamentally changed, even though we may observe short-term upward adjustments, the situation with large gas reserves will keep the market under pressure,” Energi Danmark experts noted in their morning review.

Exchange gas quotations in Europe on January 22 fell below $350 for the first time since September 7.

The period of high gas prices on the European exchange continued in 2021-2022. Such consistently high prices have not been seen in the entire history of the operation of gas hubs in Europe since 1996.

Prices reached a historical record of $3,892 per thousand cubic meters in early spring 2022. At the end of last year, average quotes were about $460 per thousand cubic meters.


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