Average Gas Futures in Europe Down by 8.3% in November to $1,260 Per Thousand Cubic Meters
In this file photo taken on July 15, 2022 A pressure gauge for gas lines is pictured at Open Grid Europe (OGE), one of Europe’s largest gas transmission system operators, in Werne, western Germany
MOSCOW (Sputnik) – The average settlement price of gas futures in Europe has been declining for the third month in a row, falling by 8.3% in November in monthly terms and reaching $1,260 per thousand cubic meters, according to data from the London-based ICE exchange.The average price has been decreasing for the third consecutive month. In September, it fell to $2,093 per 1,000 cubic meters, down 14.6% month-on-month, and dropped further by 34.2% in October to $1,377.2.At the same time, stock features stood at $1035-1400 per 1,000 cubic meters throughout November, though the prices went up in the last days of the month amid colder weather in Europe and decreasing production of wind energy. On November 30, the price of gas futures exceeded $1,600 per thousand cubic meters for the first time since October.The rising trend in gas prices is expected to take hold due to increasing consumption in Europe. On December 1, the price of gas futures for the next month delivery went up by 9% on the day, exceeding $1,700 per thousand cubic meters.
