Prices are falling as signs of a labor dispute with Australia’s biggest LNG exporter appear to have been resolved.
The price of natural gas in Europe at the opening of exchange trading fell more than 16% and fell below $350 per 1,000 cubic meters. m. This is confirmed by the London Stock Exchange ICE data on Thursday, August 24th.
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Thus, the September futures price at the TTF hub in the Netherlands fell to $345.9 per 1,000 cubic meters. m, or 30.8 euros per MWh (based on the current euro/dollar exchange rate, ICE prices are shown in euros per MWh).
At the same time, the auctions closed on August 23 with a gas price of $413 per 1,000 cubic meters. m, or 36.786 euros per MWh.
According to Bloomberg, gas prices fell amid signs of a resolution of a labor dispute at Australia’s largest plant for exporting liquefied natural gas. This reduced fears of a one in three possible strike in a major exporting country.
Earlier it became known that once Europe has accumulated a large gas reserve, a week ago exceeded the target level of occupancy of storage facilities, providing 90% filling. Today there are about 100.7 billion cubic meters in underground storage facilities. m of gas, which is 13.01% above the average for this date over the past five years.
It was also reported that this year Russia’s revenues from gas sales to the EU will decrease by 75%. At the same time, until recently, Gazprom’s gas sales in Europe were the main source of foreign exchange earnings in the Russian Federation.
Source: korrespondent
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