Gas price in Europe down below $1,800 per 1,000 cubic meters

The price of gas in Europe decreased below $1,800 per 1,000 cubic meters during Monday trading for the first time since July 25, according to data provided by London’s ICE. The total decrease in the gas price since the beginning of trading exceeds 7%, News.Az reports citing TASS. 

The price of gas futures for September delivery at the TTF hub in the Netherlands went down to $1,790 per 1,000 cubic meters, or 173.5 euro per MWh (on the basis of the current euro exchange rate against the dollar, prices at ICE are in euro per MWh).

Gas prices are declining as gas reserves in European storage facilities approach their maximum - now they are already filled by more than 85% in total.

Earlier, the EU countries pledged to fill UGS facilities by at least 80% by the winter of 2022-2023 and by 90% by all subsequent winter periods.

Besides that, in recent days, the share of wind generation in Europe has noticeably increased and now averages more than 14% in September against 10% in August, 12% in July and 9% in September 2021.


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