ICE: Exchange gas prices by month in Europe are falling but remain above $2,500 per thousand cubic meters

Gas futures in Europe on Friday fell by about 0.5% to the settlement price the day before. but so far remain above $2,500 per thousand cubic meters, according to data from the London-based ICE exchange.

Futures contracts for gas supplies in September (according to the index of Europe’s largest hub TTF) opened trading with a loss of $2,470.2 dollars (-1.9%). Prices are down 0.5% at $2,503.9. The quotes’ dynamics are based on the previous day’s average price – $2516.9.

Gas prices by month and year

According to experts, the restrictions on gas supplies to Europe and emergency measures to save it make the market very sensitive to any negative information that could affect the consumption or supply of “blue fuel. The key price growth driver, according to the analysts, is the problems with the restoration of full operation of the “Nord Stream” gas pipeline.

“Nord Stream” – the main route for gas supplies from Russia to Europe – since mid-June is working with restrictions, and since late July – only 20% of the nearly 170 million cubic meters of capacity per day. The Russian side has repeatedly stressed that the supply limitation is solely due to the sanctions, which caused problems with maintenance and repair of Siemens gas compressor units. Currently, only one turbine ensures the operation of the gas pipeline.

The average monthly settlement price of the nearest gas futures on the ICE, according to the agency’s calculations, in July jumped by almost 50% – to about $1,805 per thousand cubic meters from $1,180 in June, while in mid-summer last year it did not exceed $500. And from August 1 to 19, the average price of gas nearly reached $2,200, 22% higher than July quotations and 86% higher than in the first month of summer. Such steadily high prices have not been seen in the history of gas hubs in Europe since 1996.

Earlier we reported that oil prices were rising.