- Since the beginning of the day the price dropped by more than 14%
According to TASS, Russia's state-owned news agency article published on October 24, 2022, the price of gas in Europe fell below $1,000 per 1,000 cubic meters for the first time since June 14, according to London’s ICE.
The November futures price at the TTF hub in the Netherlands fell to $989 per 1,000 cubic meters or 97.255 euro per MWh (based on the current euro/dollar exchange rate, ICE prices are presented in euro per MWh).
Since the beginning of the day the price dropped by more than 14%.
The EU gas reserves are getting close to their limit (underground storage facilities are filled by 93.55%), the region is experiencing rather mild weather, and the average percentage of wind power in electricity generation has greatly increased. All these factors contribute to the price drop.
