Gas prices plummet in Europe

The cost of gas in Europe plummeted on the London ICE exchange. Fuel futures for September delivery fell more than 4%, News.Az reports citing trading data.

At the opening of trading, 1,000 cubic meters of gas on the index of the Dutch hub TTF cost $428. At a minimum, the cost of fuel fell to $413, after which it corrected to $417.

On the eve of September futures quotes exceeded $436.5 (+12.39%). As of 17:00, the price corrected to $431.19. The sharp rise in fuel prices was provoked by news of plans for strikes by workers at the Gorgon and Wheatstone LNG plants in Australia, which are owned by the largest US oil and gas company Chevron. These capacities provide about 20% of all exports of liquefied natural gas from Australia. Strikes could lead to a decrease in LNG supplies to Europe by more than 10 million tons per year.


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