The main explanation for the drop in prices is the warm weather in Europe against the backdrop of underground storage facilities filled almost to capacity.
The spot price for gas in Europe fell below $300 per 1 thousand cubic meters. This happened for the first time in the last two months – since the beginning of August, according to trading data on Tuesday, October 3.
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So, just yesterday the spot price of gas fell by 14%, and over the week its decline was 28%.
The next-day supply contract reached $288 per thousand cubic meters at Tuesday’s auction, despite the fact that last week quotes exceeded $490. The main explanation for this is the warm weather in Europe against the backdrop of underground storage facilities filled almost to capacity.
The level of gas reserves in Europe reached almost 96% – this is 8% higher than the average for the same dates in the last five years. On the gas day on October 1, reserves increased by another 0.21%. The speed is significantly lower than normal levels for the past five years. But the target level of storage fullness at the beginning of the sampling period has already been achieved.
Earlier it became known that in September Ukraine received one billion cubic meters of gas from the EU and Moldova. Slovakia remained the leader in gas transportation to Ukraine, where 56% of all September volumes came from.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.