Gas futures in Europe fall below $700 per 1,000 cubic meters 1st time since 2021 -UPDATED

Gas futures in Europe fall below $700 per 1,000 cubic meters 1st time since 2021 -UPDATED
# 05 January 2023 11:57 (UTC +04:00)

Gas futures in Europe have dropped by about 2% below $700 per a thousand cubic meters first time since 2021, APA reports citing Urdupoint.

February futures at the largest European gas hub TTF opened trading at $696.4 per 1,000 cubic meters, which marks a 2.3% drop.

The dynamics of quotations is based on the estimated price of the previous trading day, which stood at $712.7 per 1,000 cubic meters.

***10:03

The price of 1,000 cubic meters of gas in Europe settled around USD 700 at the beginning of auctions held yesterday, APA-Economics reports.

On January 4, the February futures price on the TTF index (the Netherlands' "Title Transfer Facility" - which is considered the most liquid virtual sales center in Europe), was $ 702,8, which is 11 % or USD 788,9 less than the previous calculation price.

Notably, on March 7 of this year, the gas price in Europe rose to a maximum of 3,900 dollars, setting a record several times during the day.

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