Gas prices in Europe fall below $1,400 first time since late June

Gas prices in Europe fall below $1,400 first time since late June

The price of gas in Europe on Monday fell below $1,400 per 1,000 cubic meters for the first time since the end of June, according to London’s ICE.

The price of November futures at the TTF hub in the Netherlands fell to $1,351 per 1,000 cubic meters or 134 euro per MWh (based on the current euro/dollar exchange rate, ICE prices are presented in euro per MWh).

The EU gas reserves are getting close to their limit, the region is experiencing rather mild weather, and the average percentage of wind power in electricity generation has greatly increased, all of which are contributing factors to the price drop.

Earlier, Russian Deputy Prime Minister Alexander Novak noted that Russia sees no prospects for lowering gas prices in Europe in the near future.

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