Gas prices in European exchanges fell by more than 12% at the start of trading today, Monday, with futures contracts dropping below the level of $1600 per thousand cubic meters. The August futures contracts on the TTF index opened today’s trading session at $1660.5 per thousand cubic meters of gas, but shortly thereafter, prices dropped to $1608.3, marking a decline of 12.1%.
Gas prices in Europe have doubled over the past month, rising from $903.8 on June 10 to $1300, and by the end of last month, they approached $1600. At the beginning of July, prices reached $1900.
Four months ago, gas prices in Europe hit an all-time high of $3892 per thousand cubic meters on March 7. The market is now closely monitoring the situation regarding natural gas supplies through the "Nord Stream-1" (a pipeline from Russia to Germany across the Baltic Sea), which has stopped gas flow from today (July 11, 2022) until July 21 due to scheduled maintenance.
In related news, Canada confirmed that it intends to allow the delivery of equipment (turbines) to Germany specifically for the operation of the Nord Stream-1 pipeline, after being held up under the pretext of Western sanctions imposed on Russia.
