Business & Economy

Suddenly falling gas prices

The rate of gas pumping into underground storage facilities rose in Europe over the weekend on the back of lower prices, according to data from Gas Infrastructure Operators in Europe (GIE).

As the daily increase in stocks in Europe from September 10 to 11 was 0.35 percentage point, while last week it did not exceed 0.31 percentage point. However, gas injection rates in September are still lower than in August.

And gas prices in Europe fell yesterday, Monday, for the first time since August 9, to less than $2000 per thousand cubic metres, losing more than 8%.

This opened trading in the early hours of Monday morning at 2086.6 dollars per thousand cubic meters (-3%). To accelerate the decline at 13.35 Moscow time, to $ 1972.2 (-8.4%). The dynamics of quotations are taken from the settlement price for the previous day, 2.152 dollars per thousand cubic meters.

And in early March, gas prices in Europe hit their highest historical levels for four consecutive days, due to fears of a ban on the import of Russian energy resources. The record price of $3,892 per thousand cubic meters was reached on March 7.

Gas prices remain under pressure due to uncertainty over supplies from Russia. The last massive rise at the end of August was connected with the announcement by “Gazprom” that the Nord Stream gas pipeline was suspended for three days for scheduled maintenance. Prices jumped above $3,500 per thousand cubic meters and historical records of the settlement price have been spoken several times.

Earlier, Gazprom announced the complete closure of the gas pipeline to Europe due to the discovery of an oil leak in the only operating “Trent 60” unit.

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