Gas prices in Europe exceed $640

15:30 | 03.02.2023
Gas prices in Europe on the last trading day of the week fell slightly at the beginning of the session, to around $640 per 1,000 cubic meters, reported from the London Stock Exchange ICE.

March (nearest) futures on the TTF index (the biggest hub in Europe, located in the Netherlands) opened trading at $636.5 (-1.4%). Further, the price increased to $642.4, which is 0.5% less than the price of the previous trading day.

Exchange gas prices in Europe on January 17 for the first time in 16 months - from August 31, 2021 - fell below $600 per 1,000 cubic meters. Experts noted that the price of gas on the European stock exchange is declining due to warm weather and strong winds (wind farms have increased electricity generation), as well as sufficient gas reserves in underground gas storage facilities in the EU.

But despite the current decline, gas quotes are more than double the average for a long history of observations. Such persistently high prices have not been seen in the entire history of the operation of gas hubs in Europe - since 1996.
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