MOSCOW, November 2. /TASS/. The price of gas on the European exchange fell to nearly $1,100 per 1,000 cubic meters - the lowest level since October 29 - against the backdrop of news regarding peace talks between Iran and the United States, according to TASS calculations based on data from the London-based ICE exchange.
The price of a December futures contract at the TTF hub in the Netherlands dropped to approximately $1,105 per 1,000 cubic meters, or 95.21 euros per MWh. At one point, the decline exceeded 3%. Meanwhile, day-ahead spot prices at the TTF hub also fell to around $1,105 per 1,000 cubic meters, or approximately 95.255 euros per MWh.
Earlier, Iranian President Masoud Pezeshkian stated that the Supreme Leader of the Islamic Republic, Mojtaba Khamenei, had authorized the government to engage in negotiations with the United States aimed at a peaceful resolution to the conflict.
TASS previously reported that the average gas price in Europe for October was 2.6 times higher than in the same month last year, reaching $1,000 per 1,000 cubic meters, the highest level since the end of 2022. This surge was driven by record-low gas storage levels ahead of the upcoming winter and the ongoing conflict in the Middle East. At their peak in October, spot gas prices at the TTF - the most liquid trading hub, located in the Netherlands - exceeded $1,200 per 1,000 cubic meters for the first time since December 2022. Prices also breached the 100-euro-per-MWh threshold, marking the first time this has occurred in four years.
Gazprom CEO Alexey Miller also noted that prices had risen above $1,200 per 1,000 cubic meters; he further predicted that, in the event of a cold winter, prices in Europe could reach as high as $2,500. Russian President Vladimir Putin did not rule out the possibility that gas prices in Europe could climb to $1,500 per 1,000 cubic meters.