https://sputnikglobe.com/20221222/gas-futures-in-europe-fall-to-below-1000-for-1st-time-since-october-25-1105692112.html
Gas Futures in Europe Fall to Below $1,000 for 1st Time Since October 25
Gas Futures in Europe Fall to Below $1,000 for 1st Time Since October 25
Sputnik International
MOSCOW (Sputnik) - Gas futures in Europe are decreasing by nearly 7% on Thursday, falling below $1,000 per thousand cubic meters for the first time since... 22.12.2022, Sputnik International
2022-12-22T08:41+0000
2022-12-22T08:41+0000
2023-04-12T17:04+0000
economy
gas prices
european union (eu)
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The nearest futures for January deliveries to TTF hub dropped by 6.7% to 999.6% and increased to 1003.2 as of 08:08 GMT.On Monday, EU energy ministers reached a political agreement on a temporary mechanism to limit excessive gas prices, setting a price cap at 180 euros ($191) per megawatt-hour (MWh). It will be automatically activated when the month-ahead price at the TTF exceeds 180 euros per MWh for three working days and when this price is 35 euros higher than the reference price for liquefied natural gas on world markets.The decline in gas prices in Europe is caused by the cooling of the market due to a high occupancy rate for underground storage facilities, but European countries may still face a new price surge, analysts told Sputnik. Meanwhile, gas quotations are several times higher than they were in 2021.
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Gas Futures in Europe Fall to Below $1,000 for 1st Time Since October 25
08:41 GMT 22.12.2022 (Updated: 17:04 GMT 12.04.2023) MOSCOW (Sputnik) - Gas futures in Europe are decreasing by nearly 7% on Thursday, falling below $1,000 per thousand cubic meters for the first time since October 25, according to data from the London-based ICE exchange.
The nearest futures for January deliveries to TTF hub dropped by 6.7% to 999.6% and increased to 1003.2 as of 08:08 GMT.
On Monday, EU energy ministers reached a political agreement on a temporary mechanism to limit excessive gas prices, setting a price cap at 180 euros ($191) per megawatt-hour (MWh). It will be automatically activated when the month-ahead price at the TTF exceeds 180 euros per MWh for three working days and when this price is 35 euros higher than the reference price for liquefied natural gas on world markets.
The decline in
gas prices in Europe is caused by the cooling of the market due to a high occupancy rate for underground storage facilities, but European countries may still face a new price surge, analysts told Sputnik. Meanwhile, gas quotations are several times higher than they were in 2021.
