BAKU, Azerbaijan, January 2. The price of gas in Europe during exchange trading on January 2 fell below $800 per 1,000 cubic meters according to the London Stock Exchange, Trend reports via TASS.
The total price has declined by over four percent since the beginning of the day.
The cost of February futures at the TTF (Title Transfer Facility) hub in the Netherlands fell to $777 per 1,000 cubic meters or 70.3 euro per MWh.
The price of gas dropped below $800 back on December 30. This happened for the first time since February 16, 2022.
Gas quotes are declining amid warm weather in Europe. The temperature in most of the EU countries remains above climatic indicators, which has led not only to a decrease in gas withdrawal from storage facilities, but also to an increase in injection into them to record levels.
Besides, the share of wind in EU electricity generation continues to be stable around the 20 percent or higher mark and on January 1, it even reached all-time high 34.7 percent.
UGSFs (underground gas storage facilities) in Europe are now filled to 83.33 percent (13.46 percentage points higher than the average for this date over the past five years), containing 90.2 billion cubic meters of gas. However, Russian Gazprom warned that even close to the maximum gas reserves in UGS facilities in large European countries won’t guarantee them a reliable passage of the autumn-winter period. The load on UGS facilities in Europe in winter will be higher than in previous years due to changes in logistics and gas supply sources.