Gas prices in Europe drop below $1000

Gas futures in Europe continued their downward movement, dropping below $1,000 per thousand cubic meters at the trading on Monday, Report informs, citing London's ICE.

Since the beginning of trading, the February futures reached 1,034 per thousand cubic meters and then dropped to $965.

The cost of gas declined after having reached an all-time high of $2,190.4 on December 21. On the last day of the previous year, the prices dropped below $800 for the first time since November 10, and are around $1,000 in the new year. The price decline may be linked to additional liquefied natural gas (LNG) supplies from the United States to Europe and increased power generation at Europe's wind power plants.