Gas Futures Prices in Europe Drop By Over 10%, Reach Below $1,200

© Sputnik / Press-service of Eugal / Go to the mediabankIn this handout photo released by the press-service of Eugal, a view shows the Eugal pipeline, in Germany
In this handout photo released by the press-service of Eugal, a view shows the Eugal pipeline, in Germany - Sputnik International, 1920, 27.12.2021
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MOSCOW (Sputnik) - Gas futures prices in Europe are losing over 10% on Monday, dropping below $1,200 per 1,000 cubic meters, according to data from the London-based ICE exchange.
The price of January futures on the Dutch TTF index, the most liquid European hub, dropped to $1,156.
Gas prices in Europe have been on the rise for several months, hitting a historical record of over $2,150 per 1,000 cubic meters on 21 December.
The energy crisis is believed to be driven by increased demand for natural gas globally and heavy dependence on foreign energy deliveries, as well as the uncertainty around the launch of the Nord Stream 2 pipeline, among other factors.
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