The price of gas in Europe during stock trading on Friday fell below $ 900 per thousand cubic meters for the first time since November, according to the London Stock Exchange ICE, reports TACC.
The price of the February futures contract for the TTF hub in the Netherlands fell to less than $ 870 per 1,000 cubic meters or EUR 74,325 per MWh at 13:00 Bulgarian time (based on the current EUR / USD exchange rate, ICE prices are presented in EUR per MWh).
The overall reduction in the price of gas since the beginning of trade is 15%, and compared to last week's historical record, the price of gas has more than halved.
On December 21, the stock market price of gas in Europe for the first time in history exceeded the limit of $ 2,000 per thousand cubic meters amid the coming cold weather and unusually low reserves in the facilities of European underground gas storage facilities. However, in the coming days the price is adjusted against the background of the resumption of wind production in Europe and the news that the number of tankers transporting liquefied natural gas from the United States to Europe has increased by one third.
In addition, according to the analytical agency S&P Global Platts, Russian companies have collectively increased by almost a third the supply of liquefied natural gas to the United Kingdom in 2021 compared to last year.
The futures price of the TTF hub is volatile due to speculative factors and does not reflect the real cost of physical deliveries to Europe. According to Gazprom, the average price for gas exports under contracts in 2021 will be $ 280 per thousand cubic meters.
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