Gas prices in Europe fell more than 8%, below $ 800 per thousand cubic meters
Gas prices in Europe at the opening of trading fall by eight percent – below $ 800 per thousand cubic meters, according to data from the ICE Futures exchange.
At the very beginning of the day, December futures on the Dutch TTF index (the most liquid European hub) traded at $ 791.6 per thousand cubic meters, and by 10:07 Moscow time they grew slightly – to $ 793.2.
Nevertheless, this is 8.4 percent lower than the estimated price set the day before.
The market is responding with a decline to an increase in Russian gas supplies.
Thus, on November 8, Gazprom completed pumping into Russian underground storage facilities and the next day began replenishing fuel reserves in Europe. By this morning, pumping to Germany via the Yamal-Europe pipeline has grown to 1.2 million cubic meters per hour.
In recent months, the European gas market has been in a feverish state. Back in early August, futures were trading at $ 515 per thousand cubic meters, but by the end of September they more than doubled in price, and on October 6 they jumped to a historic high of $ 1937. This was followed by a decline, but prices continue to be at a high level.
All this increases the cost of electricity for EU residents.
In addition, Europe has entered the season of active gas withdrawal from UGS facilities, being at a multi-year minimum in terms of fuel reserves. And if the coming winter turns out to be severe, then there is a risk of a new jump in prices.