Gas price in Europe reaches $1,250 for the first time since June

The price of gas in Europe fell following the results of today’s trading to almost $1,250 per thousand cubic meters for the first time since June 15.

The price of November futures contracts at the TTF center in the Netherlands fell to $1,253 per thousand cubic meters, or €123,165 per MWh, according to the London Stock Exchange, with the overall decrease in the cost of gas for the day exceeding 13%.

The price drop is due to the approach of maximum gas reserves in the European Union, relatively warm weather in the region and a significant increase in the average share of electricity generation using wind energy.

Source: TASS