Gas price in Europe drops to almost $1,600 per 1,000 cubic meters

The price of gas in Europe decreased to almost $1,600 per 1,000 cubic meters during Tuesday trading for the first time since July 22, according to data provided by London’s ICE, News.Az reports citing TASS. 

The price of gas futures for October delivery at the TTF hub in the Netherlands fell to $1,618 per 1,000 cubic meters, or 159 euro per MWh (on the basis of the current euro exchange rate against the dollar, prices at ICE are in euro per MWh).

The gas price has been falling as reserves in European underground gas storage facilities (UGSF) approach their maximum level, with UGSF totally almost 87.5% full now. Earlier, EU countries assumed the obligation to reach the occupancy level for gas storage facilities of at least 80% for 2022-2023 winter, and of 90% for all future winter periods.


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