Gas prices in Europe fell below $400 for the first time in July 2021
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Exchange gas prices in Europe for the first time since July 8, 2021 fell below $400 per 1,000 cubic meters. m, follows from the data of the London Stock Exchange ICE.
The cost of June futures at the TTF hub in the Netherlands fell to 35.06 euros per MWh, or about $398.1 per 1,000 cubic meters. m (a drop of 2.4%). Further, the cost continued to grow and at 17:41 Moscow time amounted to $398.7 per cubic meter. m.
Today, May 10, the European Commission (EC) announced the first international tender for the joint purchase of liquefied natural gas (LNG) through the new EU mechanism – AggregateEU. EC Deputy Chairman Maros Sefcovic said that 77 companies from Europe had already submitted tender applications for a total volume of about 11.6 billion cubic meters. m of gas.
According to him, now the need for LNG in the EU is 2.8 billion cubic meters. m, and delivery through the gas pipeline requires about 9.6 billion cubic meters. m.
Gas prices began to decline in December 2022. On December 19, the EU countries agreed on a gas price limit of 180 euros per 1 MWh, which corresponds to $1975 per 1000 cubic meters. m. The measure came into effect on February 15 this year.
The ceiling is activated if the mark is exceeded and if the spread to the price of LNG in Europe exceeds 35 euros per 1 MWh.
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