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Gas price in Europe down below $1,100 per 1,000 cubic meters

The total decrease since the beginning of the day has almost reached 18%

MOSCOW, December 27. /TASS/. The gas price in Europe fell below $1,100 per 1,000 cubic meters during Monday exchange trading, according to ICE trading data.

The price of gas futures for January delivery at the TTF hub in the Netherlands was down at $1,064 per 1,000 cubic meters, or 90.915 euro per MWh (on the basis of the current euro exchange rate against the dollar, prices at ICE are in euro per MWh).

The total decrease of the gas price since the beginning of the day has almost reached 18%.

The gas price soared on December 21 in Europe as it consecutively surpassed $1,800 and $1,900 per 1,000 cubic meters, hitting a fresh all-time high, after which it breached the phycological mark of $2,000. Later it exceeded $2,100 and neared $2,200, rising to $2,190.4 per 1,000 cubic meters, or 187.47 euro per MWh. However, volatile due to the speculative factor, the price of gas futures at the TTF hub does not reflect the real price of physical supplies to Europe.

The average price of gas export under Gazprom contracts in 2021 will total $280 per 1,000 cubic meters.