03.12.2021, 13:23
Gas Prices in Europe Fell by Almost 5%
Source: OREANDA-NEWS
OREANDA-NEWS. Gas prices in Europe at the opening of trading are down by almost five percent, according to data from the ICE Futures exchange.
So, at the very beginning of the session, January futures on the Dutch hub TTF index traded at $ 1,060 per thousand cubic meters, and after a few minutes fell to $ 1,055. This is 4.8 percent below the previous day's settlement price of $ 1,108. In two hours of trading, the high was about $ 1,080, 2.6 percent below the target price.
According to RIA Novosti estimates, the average price of January futures in November fell to $ 960 per thousand cubic meters, which is $ 140 (or almost 13 percent) lower than the same October figure. The spot price is also falling: contracts for the day ahead delivery on December 3 fell 2.6 percent to $ 1,095.2.
Throughout the autumn, the European gas market was in a fever: if at the beginning of August futures were trading at $ 515 per thousand cubic meters, by the end of September they more than doubled in price, and on October 6 they set a historical record - $ 1937. Experts attributed this to the low occupancy rate of European underground storage facilities, limited supply from major suppliers and high demand for liquefied natural gas in Asia.
In November, amid reports that Gazprom had started pumping fuel into European UGS facilities, prices went down, but then again jumped above $ 1,100. The reason for this was the news about the suspension of certification of Nord Stream 2 AG as an independent operator of the Nord Stream 2 pipeline.
So, at the very beginning of the session, January futures on the Dutch hub TTF index traded at $ 1,060 per thousand cubic meters, and after a few minutes fell to $ 1,055. This is 4.8 percent below the previous day's settlement price of $ 1,108. In two hours of trading, the high was about $ 1,080, 2.6 percent below the target price.
According to RIA Novosti estimates, the average price of January futures in November fell to $ 960 per thousand cubic meters, which is $ 140 (or almost 13 percent) lower than the same October figure. The spot price is also falling: contracts for the day ahead delivery on December 3 fell 2.6 percent to $ 1,095.2.
Throughout the autumn, the European gas market was in a fever: if at the beginning of August futures were trading at $ 515 per thousand cubic meters, by the end of September they more than doubled in price, and on October 6 they set a historical record - $ 1937. Experts attributed this to the low occupancy rate of European underground storage facilities, limited supply from major suppliers and high demand for liquefied natural gas in Asia.
In November, amid reports that Gazprom had started pumping fuel into European UGS facilities, prices went down, but then again jumped above $ 1,100. The reason for this was the news about the suspension of certification of Nord Stream 2 AG as an independent operator of the Nord Stream 2 pipeline.
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