11.08.2022
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Exchange gas prices in Europe fell to $1,410

MOSCOW, June 28 – PRIME. Gas prices in Europe on Tuesday ended the auction with a slight decline – by 0.5% compared to the settlement price on Monday, the cost of gas reached $ 1,412.5 per thousand cubic meters, according to the London ICE exchange.

The dollar fell by 1.58 rubles, the euro – by 1.74 rubles

July futures on the index of one of the world’s major trading platforms TTF opened the session at the settlement price level the day before – almost $1,420 per thousand cubic meters. Shortly after the open, prices hit an intraday low of $1,370 before recovering in the $1,390-$1,410 range.

In the second half of trading, the price of gas reached the opening level, and then reached a daily maximum of $1,433. Gas prices closed at $1,412.5, which – adjusted for currency quotes (data on ICE Futures are in euros) – was 0.5% below Monday’s settlement price of about $1,419.

In early March, gas prices in Europe, due to fears of a ban on the import of Russian energy resources, updated their historical highs for four days in a row. The price record of $3,892 was reached on March 7 (+275% by February 23), and the estimated price for the day was $2,560.7 per thousand cubic meters (+146.5%).

But then the quotes moved to a steady decline and on June 6, for the first time in three months, they fell below $900 per thousand cubic meters. The minimum settlement price since the end of February was fixed on June 8 – $878.5 per thousand cubic meters.

However, in mid-June, the cost of gas again turned to a sharp increase and in recent days, against the backdrop of a decrease in supplies from Russia, it continues to grow. Quotes on June 15 exceeded $1,300, and the next day came close to $1,600 per thousand cubic meters. Now, according to analysts interviewed by RIA Novosti, there are no prerequisites for a strong decline in gas prices on the European market yet.

Source: 1prime

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