The price of gas in Europe declined below $3,000 per 1,000 cubic meters during Friday trading for the first time since the beginning of the week, according to data provided by London’s ICE. The decrease in the gas price since the beginning of trading totals around 9%, News.Az reports citing TASS. 

The price of gas futures for September delivery at the TTF hub in the Netherlands went down to $2,915 per 1,000 cubic meters, or 283 euro per MWh (on the basis of the current euro exchange rate against the dollar, prices at ICE are in euro per MWh).

On the previous day the spot price of gas in Europe surpassed $3,300 per 1,000 cubic meters on London’s ICE for the first time since early March as the price of Asian futures contracts on supply of liquified natural gas rose and deliveries via Nord Stream were expected to be completely stopped from August 31 to September 2 due to the repair of the only gas compressor unit remaining in operation.

On March 7, 2022, the stock exchange price of gas hit almost $3,900 per 1,000 cubic meters for the first time ever. Gazprom did not rule out gas prices in Europe would climb above $4,000 per 1,000 cubic meters in winter.

News.Az