Gas prices in Europe fall below $500

Exchange prices for gas in Europe continue to remain below $500 per 1,000 cubic meters, where they ended up on March 7 for the first time in a year and a half, Report informs referring to the data of the London ICE exchange.

April (nearest) futures on the TTF index (the biggest hub in Europe, located in the Netherlands) opened trading at $477.5 per 1,000 cubic meters. Further, their cost decreased to $474 (+2.1%). The dynamics of quotations is based on the settlement price of the previous trading day - $464.1 per 1,000 cubic meters.

Exchange gas prices have been showing a steady decline since the end of last year, and on March 3, for the first time in a year and a half - since August 23, 2021 - they fell below $500 per 1,000 cubic meters.

This is more than three times lower than the levels of early December, when quotes on some days exceeded $1,700, and almost 8 times lower than the record values of the first days of March last year - almost $3,900.