The price of gas in Europe fell below $1,030 per 1,000 cubic meters for the first time since November 14, according to London’ ICE.
The price of January futures at the TTF hub in the Netherlands fell to $1,026 per 1,000 cubic meters or 93.2 euro per MWh (based on the current euro/dollar exchange rate, ICE prices are set in euro per MWh).
Gas prices are falling for a variety of reasons. First, this week's temperatures in most European countries have exceeded seasonal indicators, resulting in a decline in gas extraction from storage facilities.
Furthermore, despite last week's record withdrawal rates, European underground gas storage levels remain exceptionally high for this time period. They are currently 83.18% full (10.27 percentage points higher than the five-year average for this date), containing less than 90 bln cubic meters of gas.
