Gas prices in Europe down 8% on growing transit via Ukraine

Gas price in Europe during trading on Tuesday fell below $900 per 1,000 cubic meters amid an almost twofold increase in Russian gas transit through Ukraine, Report informs, citing the data of the London Stock Exchange ICE.

The March futures price at the TTF hub in the Netherlands fell to $899.99 per 1,000 cubic meters.

The total reduction in the cost of gas per day is more than 8%.

This is happening against the backdrop of an increase in Gazprom's nominations for gas transit through Ukraine. To date, volumes of 107.7 million cubic meters have been announced for pumping, which is 1.8 times higher than the day before, and more than twice as high as the average transit per day in January.

Thus, with the onset of February, the figures for pumping Russian gas through Ukraine approached the volumes booked on the basis of a long-term contract (about 109.5 million cubic meters per day).