The price of gas in Europe at the start of the trading session on Wednesday fell below $750 per 1,000 cubic meters for the first time since February 18, 2021, according to London’s ICE exchange, AzVision.az reports citing TASS.
The price of February futures at the TTF hub in the Netherlands fell to $733 per 1,000 cubic meters, or 67 euro per MWh (based on the current euro/dollar exchange rate, ICE prices are presented in euro per MWh).
Gas prices are falling as Europe experiences mild weather. Most EU countries' temperatures stay above climatic indications, resulting not only in a decline in gas withdrawal from storage facilities, but also in an increase in injection into them to record levels. Furthermore, the global share of EU electricity generation remains consistent at around 20% or higher. And on January 1, she set a new record for the full duration of the study - 34.7%.
UGS facilities in Europe are currently 83.33% filled (13.46 percentage points higher than the 5-year average) with 90.2 bln cubic meters of gas. Gazprom cautioned, however, that even gas stocks close to maximum in large European countries do not ensure a reliable fall-winter period. Due to changes in logistics and gas supply sources, the winter demand on UGS facilities in Europe will be greater than in previous years.
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