Gas price in Europe below $900 per 1,000 cubic meters again

The price of gas in Europe fell below $900 per thousand cubic meters during Tuesday’s trading again, according to London ICE, News.Az reports citing TASS. 

The gas price has decreased by over 2% in total since the start of trading day.

January futures at the TTF hub in the Netherlands fell below $892 per thousand cubic meters, or to 81.69 euro per MWh (on the basis of the current euro exchange rate against the dollar, prices at ICE are in euro per MWh).

The price of gas dropped below $900 on Friday, December 23. This has happened for the first time since June 13, 2022.

Gas prices are declining amid warm weather in Europe. The temperature in most European countries above the climate normal this week has notably reduced gas consumption in the region, leading to a decrease in gas withdrawal from underground gas storage (UGS) facilities, but also to an increase in injection into them to record levels.

To date UGS facilities in Europe are filled to 83.1% (11.55 percentage points higher than the average for this date over the past 5 years), they contain 89.94 billion cubic meters of gas.


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