Post: Gas prices in Europe fell below $1,180 per thousand cubic meters

Central European gas hub. archive photo

Gas prices in Europe accelerated the decline and fell below $1,180 per thousand cubic meters.

MOSCOW, November 16 – RIA Novosti. Currency gas prices in Europe are already down 12%, below $1,180 per thousand cubic metres, after rising on Monday and rising on Tuesday, according to data from the London Stock Exchange. ICE.

The closest – December – futures in Europe’s largest centralized TTF index, located in the Netherlands, started trading at $1282.6 per thousand cubic meters (-3.9%). As of 19.32 Moscow time, their cost is $1172.6 (-12.1%). The dynamics of the quotation are based on the settlement price of the previous trading day – $1,334.6 per thousand cubic meters.

After Monday’s trading results, the cost of gas on the exchange rose 20% to about $1,250 per thousand cubic meters and reached $1,300 by the end of Tuesday, up almost 8%. The spot price also skyrocketed. The cost of the contract with “one day in advance” delivery – on November 15 – increased by 1.6 times, from about $ 715 to $ 1,150 per thousand cubic meters, and on November 16 – over $ 1,235, an increase of 7%, data of the EEX exchange. At the same time, the spot price dropped to about $225 per thousand cubic meters at the beginning of the month.

In a comment to RIA Novosti, experts explained the rise in stock prices with the prospect of cold weather, problems with gas supply from Norway and uncertainty over the launch of Freeport LNG, a major American LNG plant.

In early March, foreign exchange gas prices updated their historic highs for four consecutive days amid fears of bans on imports of Russian energy supplies. On March 7, a price record of $3,892 per thousand cubic meters was reached. The cost of gas fell in April-May, but rose again in the summer, and in August the average settlement price exceeded $2,450, a record in the history of gas centers in Europe since 1996.

In the fall, prices began to fall. The average settlement price of the nearest futures in September was $2,093 (-14.6% month-on-month) and fell to $1,377 per thousand cubic meters (-34.2%) in October. Analysts attributed this to the high occupancy level of gas storage facilities in Europe and the reduced demand for “blue fuel” due to energy savings and hot weather.

Source: Ria

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