By Alexander Miller, consultant in energy markets. Eurasia Business news, October 18, 2022
During trading, spot price for gas in Europe for the first time since mid-June fell to $ 1284 per 1 thousand cubic meters, accoding to the data of the ICE exchange. During the day, gas price decreased by more than 10.7%.
A sharp decline in gas prices previously happened on October 10. Then the cost for the first time since June 29 fell below $ 1500 per 1 thousand cubic meters.
Gas prices began to decline on October 7 after Europe announced the filling of storage facilities by more than 90%. As of October 15, Gas Infrastructure Europe, gas reserves in European countries have been replenished by 66 billion cubic meters.
Today, Gazprom announced a reduction in gas exports to non-CIS countries by 41.4%, but Europe is increasing the supply of Russian gas.
On October 1, Gazprom informed the Italian Eni about the impossibility of gas supplies through Austria due to problems with Austrian legislation. On October 5, deliveries were resumed after the permission of the Austrian operator. Italy receives 25% of gas from Russia, before the start of the military operation it received 40% of gas from the Russian Federation.
Between October 2021 and August 2022, gas prices in Europe grew by 231%.
On August 25 the spot price of gas in Europe had crossed $ 3,300 per 1 thousand cubic meters. Prices are growing by more than 10%, according to data from the London stock exchange ICE Futures. At the moment, the cost of the September futures on TTF on the exchange reached $ 3,312 per 1 thousand cubic meters. This is the maximum level since March 7, when a historical gas price of $ 3,898 per 1 thousand cubic meters was recorded. In early October last year, gas prices crossed $ 1,000 per 1 thousand cubic meters, a record since March 2018.
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