Gas prices fall in Europe

Exchange prices for gas in Europe fell by almost 5% on Monday morning, Report informs, citing the London ICE exchange.

November (nearest) futures for the TTF index (Europe's largest hub, located in the Netherlands) opened trading at $524.9 (-6.3%) per thousand cubic meters. Then they amounted to $532.5 (-4.9%). The dynamics of quotes are based on the settlement price of the previous trading day - $560.2 per thousand cubic meters.

Gas quotations on the TTF index in Europe accelerated their growth on October 10, after leading Finnish media reported on the upcoming emergency press conference of the Finnish government on the situation with the leak on the Balticconnector gas pipeline. Prices then increased by 14%, exceeding $540 per thousand cubic meters. Then on Friday, prices exceeded $600 per thousand cubic meters for the first time since March 10.

The Balticconnector between Estonia and Finland stopped on the night of October 8. Then the Finnish operator Gasgrid Finland noted that the gas pipeline was not working due to a possible leak. Finnish President Sauli Niinistö said the damage to the Balticconnector was likely the result of external influences.