Gas prices in Europe fall over 2%

The exchange price of gas in Europe fell by 2.19%, Report informs referring to the ICE Futures exchange.

The cost of fuel dropped to $333.48 per 1,000 cubic meters. February futures at the TTF hub in the Netherlands amounted to $339.23 per 1,000 cubic meters (-0.51%).

Gas prices have been falling for several trading sessions in a row, despite that last week Europe’s second-largest gas supplier, Qatar, stopped sending fuel tankers to the region through the Bab el-Mandeb Strait. The decision was made after a series of attacks by the US and allies on the positions of the Yemeni Houthis.

Meanwhile, the level of LNG stock in Europe’s underground storage facilities has dropped below 79% due to the onset of cold weather. Since the beginning of the winter heating season (from October 1), the countries of the EU have withdrawn over 26 billion cubic meters of gas from underground gas storage facilities.