The prices of the nearest futures for gas in Europe decreased by 1.4-5.6% at the beginning of trading, amounting to $835-870 per 1,000 cubic meters, Report informs referring to the London Stock Exchange ICE.
The cost of March futures has been in the red since the opening of the trading session. So far, the price high on the ICE Futures platform is $870 and the low is $834. This is 1.4% and 5.6% lower than the estimated price on February 17 - $883.
A tangible increase in gas prices in Europe began in the spring of 2021 when the average spot price on the TTF hub index fluctuated within $250-$300 per 1,000 cubic meters. At the end of the summer, the value of a day-ahead delivery contract exceeded $600, and in early October it was already $1,000. The all-time high of $2,190 in the futures market was reached on December 21. Then the prices decreased, but Europe has seen no such persistently high prices in the entire history of its gas hubs - since 1996.
Experts attribute the price hike to several factors that include strong demand for liquefied natural gas (LNG) in Asia, limited offer from major suppliers and low occupancy of European underground storage facilities after a long cold winter and hot summer of 2021.
https://report.az/en/energy/gas-prices-in-europe-falling/