Gas Price Falls Below USD 1,000

The gas price in Europe declined to almost USD 980 per 1,000 cubic meters on London’s ICE exchange as Monday trading opened, according to trading data.

The price of gas futures for November delivery at the TTF hub in the Netherlands went down to USD 983.5 per 1,000 cubic meters by now, or 82 euro per MWh (on the basis of the current euro exchange rate against the dollar, prices at ICE are in euro per MWh).

The total decline of the price compared to the previous trading day equals around 10%, TASS reports.

The TTF hit a fresh all-time high on October 6 as the gas price surpassed USD 1,900 per 1,000 cubic meters, though after that it nosedived.

The high price volatility on the European gas market is particularly connected with the fact that gas storage facilities are not running full before the upcoming winter, the Russian news agency writes.

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