At the time of trading on Wednesday, April 19, stock prices of gas in Europe fell below $500 per thousand cubic meters. Overall this indicator stays at the level of the last few days, to witness London ICE data.
The day before, on April 18, the estimated price of one thousand cubic meters of natural gas was set at $483.7, according to the TTF index (Europe’s largest hub is located in the Netherlands). At the opening of trading on Wednesday, prices for May (nearest) futures contracts rose slightly by 0.2% to $484.6. At the same time, the indicator dropped to $477.3 (-1.3%) as it neared the top of the daytime session.
The dynamics of the fall in foreign exchange prices for gas in Europe is explained by several factors. Adequate fuel reserves in underground gas storage facilities in European Union (EU) countries and relatively favorable weather conditions in the region are among the most important. At the same time, despite a steady decline, gas prices are about twice the average for a long history of observation.
April 18 Press service of the Russian Energy Holding Gazprom statedEuropean countries spent the current heating season without serious disruptions, largely due to relatively favorable weather conditions. But there is no guarantee that such a climate “gift” will be repeated next year.