Gas prices fall in Europe

Gas prices fall in Europe
Gas prices fall in Europe

During the last trading day, the price of gas futures in Europe fell by 1.6%.

The value of December futures for gas at the TTF hub in the Netherlands at the opening of the last trading day was $ 1,083.7 per thousand cubic meters. It later fell to $ 1,029.5 and reached $ 1,071.2 at the end of the trading day. 

Gas prices in Europe have risen sharply in recent months. As early as the beginning of August, a thousand cubic meters of gas was traded at $ 515 per thousand cubic meters at the TTF hub in the Netherlands, a figure that doubled by the end of September.

According to the Financial Times, one of the reasons for the increase in gas prices was the fact that Gazprom refused to supply additional volumes through Ukraine, which was aimed at increasing exports to Europe.

Through the Russian gas pipeline, North Stream 2, it will be possible to supply 55 billion cubic meters of gas to Europe annually.

The 1,200-kilometer pipeline will supply Russian natural gas to Germany via the Baltic Sea and bypass Ukraine.

Due to the German regulator's suspension of the North Stream 2 certification procedure, the commissioning of the pipeline may be postponed until March 2022.

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