Exchange prices for gas in Europe fell by 10.3% to $ 1,050 per thousand cubic meters, according to data from the London ICE exchange, the results of trading last Friday.

At the same time, prices in the spot market are much lower. The cost of gas contracts with delivery “a day ahead” amounted to almost $790 per thousand cubic meters, the data of the EEX exchange.

At the same time, the average price of spot contracts with delivery in November is even lower – about $580, by 1.7 times lower than the average price of spot contracts in November 2021 (about $1,000), according to Elexys data. It should be noted that the price record of $3,892 per thousand cubic meters was reached on March 7, 2022. In April-May, the cost of gas decreased, but rose again in the summer.

Analysts attributed the significant decline in gas prices to the high level of filling of gas storage facilities in Europe (about 95%) and warmer autumn weather (last week in southern Europe the temperature exceeded +20 degrees, and in the central part +12+14), resulting in demand for “blue fuel” has decreased.

Source: Turan News Agency