The price of gas in Europe dropped to almost $1,200 per 1,000 cubic meters. m
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Exchange prices for gas in Europe fell below $1,200 per 1,000 cubic meters. m, according to the data of the exchange ICE. Prices fall to this level for the first time since June 15. As of 10:24 Moscow time, November gas futures fell 7.8% to $1,202 per 1,000 cubic meters. m, or €118 per 1 MWh.
Gas prices began to decline from October 7, after Europe announced more than 90% storage capacity. According to Gas Infrastructure Europe as of October 15, gas reserves in European storage facilities have been replenished by 66 billion cubic meters. m.
Yesterday, October 17, Gazprom informed on the reduction of gas exports to non-CIS countries by 41.4%, but Europe is increasing the supply of Russian gas.
According to Blomberg, the European Commission developed a temporary “dynamic price cap for transactions” mechanism at the TTF virtual hub in the Netherlands. In addition, the European Union plans to create an additional platform for determining the price of liquefied natural gas. It may be launched at the end of 2022.
For more information on how the European Union can regulate fuel quotes, see Kommersant FM. “Europe takes on gas”.
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