Gas price in Europe falls below $1,030

TEHRAN, Dec. 22 (MNA) – The price of gas in Europe fell below $1,030 per 1,000 cubic meters for the first time since November 14, according to London’s ICE.

The price of January futures at the TTF hub in the Netherlands fell to $1,026 per 1,000 cubic meters or 93.2 euro per MWh (based on the current euro/dollar exchange rate, ICE prices are set in euro per MWh).

Gas prices are falling for a variety of reasons. First, this week's temperatures in most European countries have exceeded seasonal indicators, resulting in a decline in gas extraction from storage facilities, TASS reported.

Furthermore, despite last week's record withdrawal rates, European underground gas storage levels remain exceptionally high for this time period. They are currently 83.18% full (10.27 percentage points higher than the five-year average for this date), containing less than 90 bln cubic meters of gas.


News Code 195247


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