Gas prices in Europe dropped to $ 838 per thousand cubic meters. This is evidenced by the data of the London Stock Exchange ICE.
The cost of gas futures for December sharply fell ten percent compared with the level of Thursday, October 28. The minimum per day amounted to 833 dollars per thousand cubic meters. At the time of writing, GAZ news is traded at a price of $ 838.34 per thousand cubic meters.
The cost of gas began to decline in the evening on Wednesday, October 27, after Russian President Vladimir Putin instructed Gazprom to start planned work on supplies to Europe after gas injection into Russian storage facilities. The head of the company Alexey Miller said they will be filled in November 8. Gas prices fell more than four percent.
On October 29, the head of the Austrian Oil and Gas Company Omv Alfred Stern said that the first thread of the North Stream-2 gas pipeline is ready for launch. According to him, the pipe is completely filled with gas, and the second thread is planned to fill before the end of the year. Currently, the certification process of “Northern Flow-2” is underway. The German Ministry of Economy has already concluded that the Russian pipeline does not threaten the safety of energy in Europe. Now, the Federal Network Agency (regulating body of the Federal Republic of Germany) must be submitted first, and then the European Commission.
Europe faced the energy crisis against the background of increasing consumption and lower than expected, gas supplies from Norway and Russia. The cost of gas in October came to a mark of two thousand dollars per thousand cubic meters, but then decreased after Putin’s words about the possibility of expanding the proposal from Russia on the European Energy Engineering.