Gas prices in Europe drop to around $1,200

TEHRAN, Oct. 18 (MNA) – The price of gas in Europe fell to almost $1,200 per 1,000 cubic meters for the first time since June 15, according to London’s ICE.

The November futures price at the TTF hub in the Netherlands fell to $1,202 per 1,000 cubic meters or 118 euros per MWh (based on the current euro/dollar exchange rate, ICE prices are presented in euros per MWh).

The EU gas reserves are getting close to their limit, the region is experiencing rather mild weather, and the average percentage of wind power in electricity generation has greatly increased, all of which are contributing factors to the price drop.

ZZ/PR

News Code 192604

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