EconomyGas prices in Europe fell below $1,550 per thousand...

Gas prices in Europe fell below $1,550 per thousand cubic meters

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A pipeline designed to transport Russian gas to the EU. Archive photo

In Europe, foreign exchange gas prices fell 14% to below $1,550 per thousand cubic meters.

MOSCOW, October 7 – RIA Novosti. Currency gas prices in Europe, nearing Friday’s close, fell below $1,550 per thousand cubic meters for the first time since July 21, with a maximum loss of 14% according to the London Stock Exchange, according to the London Stock Exchange. ICE.

On Friday, futures contracts on the TTF index opened sharply at around $1681.3 per thousand cubic meters (-6.5%). Prices were down around 10% throughout the day to stay around $1,600. However, as the close approached, the pace of decline accelerated and dropped below $1,550. The minimum trade so far is $1546.5 per thousand cubic meters (-14%). As of 18.36 Moscow futures are trading at $1564.6 (-13%). The dynamics are based on the settlement price of the previous trading day – $1,798.7 per thousand cubic meters.

The average settlement price of the nearest futures fell to $2,093 (-14.6%) in September. In May the figure was $1,030, in June – almost $1,180 (+14.6 per month) and in July – about $1,805 (+53%). In August, the price slightly exceeded $2,450 (+35.7%), a record for the entire history of operation of gas centers in Europe since 1996.

International sanctions have affected the decline in Russia’s gas exports to Europe. Gazprom stopped deliveries of Bulgargaz to Bulgaria, PGNiG to Poland, Gasum to Finland, Gas Terra to the Netherlands, Shell Energy Europe to Germany and Orsted to Denmark due to non-payment of gas in rubles under the new program. Deliveries along the main route, Nord Stream and Yamal-Europe were stopped, while the Ukrainian gas transmission system was significantly reduced.

But in early March, gas prices in Europe updated to historic highs for four consecutive days amid fears of a ban on imports of Russian energy resources. On March 7, a price record of $ 3,892 per thousand cubic meters was broken. The last explosive growth at the end of August was attributed to Gazprom’s announcement that the Nord Stream gas pipeline was suspended for three days due to scheduled maintenance. Bids have risen to over $3500 per thousand cubic meters and have updated historical records of the settlement price several times.

Source: Ria

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