The average cost of the nearest gas futures on the TTF index – the largest European hub located in the Netherlands – in July decreased to $ 336 per thousand cubic meters – by 8% per month and 5.4 times per year, by RIA Novosti based on data from the London ICE exchange. The figures averaged about $365 per thousand cubic meters in July and $1807 in July last year. The price of gas on the European stock exchange shows a steady downward trend since the end of last year. At the end of May, prices dropped below $300 per thousand cubic meters for the first time in two years by 13 times lower than the record values of the first days of spring last year – $ 3,892 per thousand cubic meters. The reasons are sufficient reserves in underground gas storage facilities in the European Union, cost-saving measures that have significantly reduced consumption, as well as a seasonal decrease in gas demand. According to the results of yesterday’s trading on the London stock Exchange, gas prices in Europe decreased by 2.5%, to $ 315 per thousand cubic meters.

Source: Turan News Agency