Gas price in Europe falls below $600

Exchange gas prices in Europe fell below $600 per 1,000 cubic meters for the first time since August 31, 2021, Report informs.

The cost of February futures at the TTF hub in the Netherlands fell to $599 per 1,000 cubic meters. At the opening of trading, gas cost $637.7, after which the price rose by about 5%, but again fell.

On January 16, gas prices in Europe fell by 15.5% following the trading, reaching their lowest level since September 2021. Since the beginning of the year, prices have already fallen by 25%. Their decline in January was caused by high gas reserves in European storage facilities and stable LNG supplies.