Gas prices in Europe fall 4%

Gas prices in Europe fell 4% on the first trading day of the week, below $540 per 1,000 cubic meters, Report informs referring to the London Stock Exchange ICE.

March (nearest) futures on the TTF index (the biggest hub in Europe, located in the Netherlands) opened trading at $554.9 (-0.8%) per 1,000 cubic meters. Then they fell to $537 (-4%). The dynamics of quotations is based on the settlement price of the previous trading day - February 24 - $559.1 per 1,000 cubic meters.

At the same time, the indicator is almost three times lower than the estimated price for the same date last year - $1,555.5.

Exchange prices have shown a steady decline since the end of last year. So, for example, on February 18, gas prices for the first time since August 26, 2021, fell below $550 per 1,000 cubic meters and since then have been around $530-570.