Gas price in Europe below $2,000

Gas price in Europe below $2,000

The price of gas in Europe decreased below $2,000 per 1,000 cubic meters during Monday trading for the first time since July 26, according to data provided by London’s ICE. The total decline in the gas price since the beginning of the day has exceeded 9%.

The price of gas futures for October delivery at the TTF hub in the Netherlands fell to $1,971 per 1,000 cubic meters, or 188.105 euro per MWh (on the basis of the current euro exchange rate against the dollar, prices at ICE are in euro per MWh).

The gas price has been falling as reserves in European underground gas storage facilities (UGSF) approach their maximum level, with UGSF totally over 83.5% full now. Earlier, EU countries assumed the obligation to reach the occupancy level for gas storage facilities of at least 80% for 2022-2023 winter, and of 90% for all future winter periods.

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