MOSCOW, November 3. /TASS/. European exchange gas prices dropped to nearly $1,000 per 1,000 cubic meters during Tuesday trading, hitting their lowest level since October 21 on positive sentiment surrounding diplomatic consultations between Iran and the United States, according to TASS calculations based on London's ICE exchange data.

December futures at the Netherlands' TTF hub fell to around $1,004 per 1,000 cubic meters, or 86.75 euros per MWh, with the intraday decline exceeding 9% at one point. Meanwhile, day-ahead spot prices at the TTF hub also slid to around $1,010 per 1,000 cubic meters (approximately 87.25 euros per MWh).

Earlier TASS reported that the average gas price in Europe for October surged 2.6-fold year-on-year to $1,000 per 1,000 cubic meters - the highest since late 2022. The spike was driven by record-low storage levels ahead of winter and the ongoing Middle East conflict.

At their peak in October, spot gas prices at the highly liquid TTF hub exceeded $1,200 per 1,000 cubic meters for the first time since December 2022. Prices also breached the 100-euro-per-MWh threshold for the first time in four years. Gazprom CEO Alexey Miller noted that prices had cleared $1,200, warning that a cold winter could push European quotes to $2,500. Russian President Vladimir Putin also did not rule out that European gas prices could climb to $1,500 per 1,000 cubic meters.