Gas prices in Europe drop to pre-war levels

24 October 2022, 09:04 PM
Gas prices in Europe fell below $1000 per thousand cubic meters (Photo:tsoua2020 / Facebook)

Gas prices in Europe fell below $1000 per thousand cubic meters (Photo:tsoua2020 / Facebook)

Natural gas prices in Europe have dropped below $1,000 per 1,000 cubic meters, for the first time since mid-June, and are now comparable with pre-war levels, according to an Oct.24 report by U.S. clearing firm Intercontinental Exchange (ICE).

TTF gas futures price for November dropped to $1,000 per 1,000 cubic meters, sometimes as low as $952 per 1,000 cubic meters.

The highest ever gas price was more than $3,400 per 1,000 cubic meters, recoded in late August.

Europe has continued to pump gas into storage reservoirs in October, taking advantage of mild weather conditions. European gas storage obligatory minimum level of 80% was reached by the end of August.

Video of day

EU gas storage is now 93,4% full, according to Gas Infrastructure Europe’s data.

Russia’s Gazprom currently sends 42.4 million cubic meters of natural gas to Europe per day via Ukrainian transit routes.

The President of the European Commission, Ursula von der Leyen, said the EU has already eschewed two-thirds of Russian gas over the last eight months.

Ukraine’s PM Denis Shmyhal said the country has “absolutely enough (gas) to get through this winter.”

Follow us on Twitter, Facebook and Google News

Ukraine Today
Fresh daily newsletter covering the top headlines and developments in Ukraine
Daily at 9am EST
Show more news