Earlier this week, foreign currency prices of gas in Europe fell by more than 4%. During day trading on the London ICE exchange, quotes on the leading gas hub Dutch TTF – landed under $540 per thousand cubic feet.
We are talking about the cost of fuel under contracts with delivery in March 2023. This indicator has reached at least $535 per thousand cubic meters. However, according to ICE statistics, as it approached noon Moscow time, prices slightly regained their morning decline and reached $544 per thousand cubic meters.
For comparison, on Friday, February 24, the transaction ended at $559 per thousand cubic meters. At the same time, current values on the London Mercantile Exchange were three times lower than a year ago, when this figure reached $1,555.5. One of the reasons for the sharp decline at the beginning of 2023 was the relatively favorable weather conditions in the European region, as a result of which fuel extraction from underground storage facilities (UGS) was kept at an optimum level.
February 23, International Energy Agency (IEA) President Fatih Birol declarationEuropean countries have not yet won the “energy war” with Russia. But even now, it can be said that the plans of the Russian authorities to undermine the energy security of the European Union (EU) by reducing the fuel supply have not materialized.