The price of gas in Europe fell by over 10% below $2,550 per 1,000 cubic meters, according to London’s ICE, Trend reports with reference to TASS.
The price of September futures at the TTF hub in the Netherlands fell to $2,539 per 1,000 cubic meters or 245 euro per MWh (based on the current euro/dollar exchange rate, ICE prices are shown in euros per MWh).
Gas prices are falling as European underground storage facilities being rapidly filled with gas, with reserves exceeding the target of 80% by the heating season, two months ahead of schedule.
The price was also influenced by a recent slight reduction in the price of Asian futures for liquefied natural gas supplies.
Last week, the spot gas price in Europe surpassed $3,500 per 1,000 cubic meters for the first time since the beginning of March, in anticipation of the suspension of supplies via Nord Stream for three days from August 31 due to repairs of the only gas compressor unit remaining in operation.
In turn, Gazprom did not rule out that gas prices in Europe in winter could rise above the record-breaking $4,000 per 1,000 cubic meters.
Experts interviewed by TASS believe that gas prices could rise to a record-breaking $5,000 per 1,000 cubic meters in winter due to possible cold weather and a reduction in stocks in storage facilities. In their opinion, there is no reasonable limit for spot prices in the market at the moment.
Gazprom reported earlier that over 7.5 months of 2022, it reduced gas exports to non-CIS countries by 36.2% to 78.5 bln cubic meters.