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Gas price in Europe below $1,000 per 1,000 cubic meters first since October 26

The temperature in most European countries above the climate normal this week has notably reduced gas consumption in the region, leading to a decrease in gas withdrawal from underground gas storage facilities

MOSCOW, December 22. /TASS/. The price of gas in Europe went down below $1,000 per thousand cubic meters at some point during Thursday trading for the first time since October 26, according to London’s ICE. The gas price has decreased by around 7% in total since the start of trading day.

January futures at the TTF hub in the Netherlands fell to $999.6 per thousand cubic meters, or to 90.905 euro per MWh (on the basis of the current euro exchange rate against the dollar, prices at ICE are in euro per MWh).

The temperature in most European countries above the climate normal this week has notably reduced gas consumption in the region, leading to a decrease in gas withdrawal from underground gas storage (UGS) facilities. Moreover, the occupancy rate of European UGS facilities remains high for the current period as they are 83.18% full (10.27 percentage points higher than the average as of this date in the past five years), with slightly less than 90 bln cubic meters of gas stored in them.