Gas prices in Europe down 5%

Exchange gas prices in Europe fell by about 5% on Tuesday 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 $407.9 (-4.5%) per thousand cubic meters. Then they dropped to $404.5 (-5.3%).

The dynamics of quotes are based on the settlement price of the previous trading day - $427.1 per thousand cubic meters.

The average settlement price of the nearest futures on the TTF index in September increased by 3.4% compared to August, to $408.5, and at the end of the third quarter, it was about $380.

The reasons for the rise in exchange prices for gas in Europe in September could be traders' expectations of a decrease in supplies of liquefied natural gas (LNG) from Australia due to strikes at large plants there, as well as gas from Norway.