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Natural gas prices plunge in Europe
ECONOMY
07.10.2021 | 17:15
For the first time since the beginning of October, the price of gas in Europe has dropped below $ 1,000 per 1,000 cubic meters. This is evidenced by data from the ICE Futures exchange, RIA Novosti reported. The November futures for the Dutch TTF Index traded around $ 1,260 per 1,000 cubic meters at the start of trading, then reached $ 1,370, then fell to $ 981.1 (down 24% from $ 1,300 the previous day).
Yesterday, the European gas market updated its all-time high of $ 1,937 per 1,000 cubic meters, but has since fallen sharply to $ 1,260 at the end of trading.
There has been a stir in the European gas market in recent weeks. If at the beginning of August the fuel supply stocks were sold for $ 515 per thousand cubic meters, then a month later they reached 614 dollars, in September they doubled in price, and in the last three days they approached the threshold of $ 2,000. Experts attribute this to the low level of gas reserves, limited supply by major suppliers and high demand in Asia.
