Gas price in Europe dropped below $1,100

The price of 1000 m3 of gas on the European market has been declining for the 7th trading session in a row. Trading on Thursday started at a level slightly above $1,100. On Wednesday, the target price was $1,127.20. As of 10 hours 15 minutes Moscow time, the cost of 1000 m3 of gas dropped to $1,097 40 cents. Then it again slightly exceeded the level of $1,100. The outgoing year was difficult for the European gas market. The rise in gas prices began in the spring, and by August it almost doubled in price. Ten days ago, a record level of the gas price of $2,190 40 cents was recorded. Experts name several factors contributed to the rapid rise in gas prices: weak UGS occupancy, reduced supplies, and high prices for LNG in the Asian market. The drop in prices that has been observed recently was due to an increase in the volume of LNG supplies from other countries, as well as due to an increase in the volume of electricity generated by wind farms.


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Arseny Kudrin

Publicist, trader

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