The Price of Gas Futures in Europe Dropped below $900
The cost of December gas futures according to the Dutch TTF index, the most liquid European hub, at the very opening of trading amounted to $ 935.6 per thousand cubic meters, and by 10.16 Moscow time fell to $ 890, which is 2.7% lower than the estimated price on Wednesday.
The day before, the price of gas futures in Europe jumped by 17.5% by the close of trading and exceeded $ 950. The sharp jump could have been caused by the fact that Gazprom on November 2 did not book additional capacity for pumping gas through the Ukrainian gas transmission system for the first quarter of 2022, as well as the capacity of the Polish section of the Yamal-Europe gas pipeline.
The dynamics of futures is calculated on the exchange from the estimated price of the previous trading day. On Wednesday, it was $918.
Gas prices in Europe rose sharply in late summer and early autumn. Back in early August, the estimated price of the nearest futures on the Dutch TTF index was about $ 515 per thousand cubic meters, and by the end of September it had more than doubled. Experts attributed the increase in gas prices in Europe to several factors: the low level of occupancy of European underground storage facilities, limited supply from major suppliers and high demand for LNG in Asia.