European Gas Futures Crash By Almost 15%, Below $1,110 Per 1,000 Cubic Meters, Trading Data Shows

On Wednesday, Gas futures prices in Europe lost their growth momentum, falling to $1,325 per thousand cubic meters, down 4.7%.

Gas futures prices in Europe lost their growth on Thursday, falling below $1,110 per thousand cubic meters, down almost 15% from Wednesday, according to trading data on ICE Futures.

The price of November gas futures on the Dutch TTF index, the most liquid European hub, opened trading at almost $1,260 per 1,000 cubic meters, topped $1,370 at 06:13 GMT and then rolled back to $1,073.6 at 06:57 GMT, 16.8% down from Wednesday.

The fall in gas prices began after a steady rise, which saw prices peak. On Wednesday, the price of gas futures in Europe broke a new record, exceeding $1,900 per 1,000 cubic meters.

On Wednesday Russian President Vladimir Putin said that Russia was ready to work to stabilise the world energy market and added that it should be built on a commercial basis, taking into account the interests of all participants. According to the Financial Times, gas prices fell on the world market after the announcement of Russian President Vladimir Putin about the readiness of the Russian Federation to stabilise rising energy prices.

Gas prices in Europe have risen sharply in recent months. Back in early August, the estimated price of the nearest futures on the Dutch TTF index was about $515 per thousand cubic meters; by the end of September the figure had more than doubled.

Natural gas prices have been surging on the European market over the past few months, spurred by growing energy demand amid an economic recovery after months of lockdowns, as well as a limited supply.