Gas prices in Europe fell below $2,000 per thousand cubic meters

A worker at a gas storage facility in Gronau, GermanyMOSCOW, Mar 9Gas prices in Europe, after jumping to almost $3,900 per 1,000 cubic meters on Monday and holding $3,300 on Tuesday, fell below $2,000 per 1,000 cubic meters in trading on Wednesday, according to data from the London ICE exchange. TTF at the opening of the trading session amounted to 2310 dollars — while this is the price maximum of today's trading. From the first minutes, quotes have shown a steady decline and have already fallen to the level of $1945, which is 19.6% lower than the estimated price the day before — $2418.2. «/>In France, compared the current energy crisis with the events of 1973 The cost of gas in Europe in recent days has shown strong volatility. It grew after Russian President Vladimir Putin on February 21 signed decrees recognizing the sovereignty of the Donetsk and Luhansk People's Republics, and on February 24 Russia launched a special military operation in Ukraine. But a significant increase in gas prices in Europe began last spring, when the average price spot on the hub index TTF fluctuated in the range of 250-300 dollars per thousand cubic meters. At the end of the summer, the value of a contract with a «day ahead» delivery exceeded $600, and in early October it was already $1,000. A price high of $3,892 was reached on March 7. Experts attributed the rise in prices to several factors: high demand for liquefied natural gas (LNG) in Asia, limited supply from major suppliers, and low levels of occupancy of European underground storage after a long cold winter and hot summer 2021. Such persistently high prices have not been seen in the entire history of the operation of gas hubs in Europe — since 1996. , said the expert