Gas prices in Europe fall by almost 11%

Gas prices in Europe during October 24 trading fell below $1,050 per 1,000 cubic meters for the first time since June 14, Report informs referring to the London Stock Exchange ICE.

November futures at the TTF hub in the Netherlands fell to $1,031 per 1,000 cubic meters or 101.145 euros per MWh (based on current EUR/USD exchange rates, ICE prices are shown in euros per MWh).

The overall decline in the cost of gas since the beginning of the day is almost 11%.

The decrease in prices is due to the approach of gas reserves in the EU to a maximum, abnormally warm weather in the region and a significantly increased average share of wind generation in electricity generation.