A worker at a gas storage facility in Gronau, Germany. File photoMOSCOW, April 11The price of gas futures in Europe on Monday fell below $1,150 per thousand cubic meters, down 2%, according to the data of the London ICE exchange. At the opening of trading, the price of the May futures on gas was 1151 dollars, and in the first hour rose to a session high of 1778 dollars. In general, during the day, the quotes showed stable dynamics, and by the close they decreased by 2.3% compared to Friday's settlement price, to $1,142.Hungary will pay for Russian gas in rubles The cost of gas in Europe since the end of February has shown strong volatility, but last week it fixed in the corridor of 1100-1200 dollars. The price rose sharply after President Vladimir Putin signed decrees recognizing the sovereignty of the Donetsk and Luhansk People's Republics on February 21, and Russia launched a military operation against Ukraine on February 24. In early March, gas prices amid fears of a ban on the export of Russian energy resources for four days in a row updated historical highs, after which by the middle of the month they fell by more than three times: on March 7, futures contracts were trading at almost $3,900, and by March 21, gas quotes fell below $1,100 per thousand cubic meters. The day-ahead spot price was also volatile, peaking at $2,425 on March 7 and more than halving to $1,050 on March 21.
The Italian Foreign Ministry assessed the prospects for replacing gas imports from Russia. A noticeable increase in gas prices in Europe began last spring, when the average spot price on the TTF hub index fluctuated in the range of $250-300 per thousand cubic meters. At the end of summer, the cost of a contract with «one day ahead» delivery exceeded $600, and in early October it was already $1,000 per thousand cubic meters. The price peak of $3,892 was reached on March 7 of this year. Experts attributed this price increase 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 facilities after a long cold winter and the hot summer of 2021. Such persistently high prices have not been seen in the entire history of the operation of gas hubs in Europe — since 1996. due to EU sanctions
