Gas prices in Europe fall by almost 50% in December 2022

The price of gas in Europe decreased by 48% in December 2022 compared to November, amounting to about $845 per thousand cubic meters, according to data from London's ICE.

Report informs via TASS that while on November 30, gas futures ended trading at around $1,558 per 1,000 cubic meters, on December 30, trading closed at $845, which is 48% lower than at the end of the previous month, the publication noted.

According to TASS, the average gas price in November was $1,262 per 1,000 cubic meters, and $1,272 in December.

The average indicators remained almost unchanged due to the fact that in the first half of December the weather was quite cold and the price of gas was high.

The agency added that by the end of December, the price of gas fell due to warm weather in the European region, where the average temperature was above normal. For this reason, gas withdrawal from underground storage facilities has sharply decreased, and injection volumes have risen to record levels.