Gas price in Europe falls below $1,500 first time since end of June
Baku, October 10, AZERTAC
The price of gas in Europe on Monday fell below $1,500 per 1,000 cubic meters for the first time since June 29, according to London’s ICE, TASS reports.
The November futures price at the TTF hub in the Netherlands fell to $1,468 per 1,000 cubic meters or 146 euro per MWh (based on the current euro/dollar exchange rate, ICE prices are presented in euro per MWh).
Gas prices are falling as European underground gas storage facilities' reserves near their maximum levels; as of right now, they are around 91% full overall. The EU nations had vowed to fill storage facilities by 90% by all consecutive winters and by at least 80% by the winter of 2022-2023.
Additionally, the EU has seen unusually warm weather, which has resulted in a large increase in the average share of wind production in power generation, from around 13.5% in September to more than 20% since the start of October. As a result, less gas is used for industrial and personal purposes, which accelerates the rate of reserve formation.
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