February Gas Futures Prices in Europe Drop By 6%, Trading Below $800
© AP Photo / Joerg SarbachA worker inspects parts of the largest gas storage facility of Western Europe in Rehden, northern Germany
© AP Photo / Joerg Sarbach
MOSCOW (Sputnik) - Gas futures prices in Europe decreased by 6% on Monday, dropping below $800 per 1,000 cubic meters, according to data from the London-based ICE exchange.
The price of February futures on the ICE Futures platform at the opening of trading was $817. However, by 7:20 GMT the price had dropped by 6% to $772.4.
The price of European gas futures grew by over 27% on 21 December, rising to $2,187 per thousand cubic meters for the first time in history. On 31 December, however, the price dropped to $800 per thousand cubic meters.
Gas prices in Europe have been on the rise for several months. 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 uncertainty regarding the launch of the Nord Stream 2 pipeline, among other factors.