The November futures price at the TTF hub in the Netherlands fell to $1,468 per 1,000 cubic meters or 146 euro per MWh (based on the current euro/dollar exchange rate, ICE prices are presented in euro per MWh).
Gas prices are falling as European underground gas storage facilities' reserves near their maximum levels; as of right now, they are around 91% full overall. The EU nations had vowed to fill storage facilities by 90% by all consecutive winters and by at least 80% by the winter of 2022-2023.
Additionally, the EU has seen unusually warm weather, which has resulted in a large increase in the average share of wind production in power generation, from around 13.5% in September to more than 20% since the start of October. As a result, less gas is used for industrial and personal purposes, which accelerates the rate of reserve formation.
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