The price of gas on the ICE exchange fell below $350
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The cost of 1000 cubic meters. m of gas for September delivery on the ICE exchange fell below $350, a decrease of more than 16%. This is evidenced by the data of the London Stock Exchange.
As of 09:01 Moscow time, gas futures on the Dutch TTF hub for delivery in September were worth 30.73 euros per 1 MWh, or $348.47 per 1,000 cubic meters. m. A few minutes later, the cost of gas fell to 29.5 euros per 1 MWh, or $ 334.54 per 1000 cubic meters. m.
However, then gas futures began to rise in price. Already by 10:37 Moscow time, the price of gas rose to 32.1 euros per 1 MWh, or $364.01 per 1,000 cubic meters. m. The decline slowed down to 12.74%.
In mid-July, the International Energy Agency (IEA) predicted an increase in spot gas prices in Europe in 2024 by an average of 25% compared to this year, to more than $600 per 1,000 cubic meters. m.
According to the Association of European storage operators Gas Infrastructure Europe (GIE) as of August 22, the volume of reserves in European underground gas storage facilities (UGS) of the European Union is 91.62%, with a target level of 90%. The maximum level of storage occupancy was recorded in Spain – 100%. The minimum level of UGS occupancy is observed in Latvia – 79.66%.
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