Gas price in Europe continues to decline after reaching record levels

The price of gas on the European futures market at the opening of trading on Thursday is reduced by 9.4%, the resource is traded in the region of $781.5 per 1000 cubic meters, according to trading data, Finam reports.

Gas prices on Wednesday reached a record $963.9, and at the end of trading, they showed a decline to $796.1.

According to analysts, the increase in prices was due to stable demand for gas amid low storage utilization (70.75% as of September 14 versus 93% a year earlier), combined with a reduction in electricity generation from renewable sources amid calm weather. Besides, higher LNG prices in Asia are hampering an increase in LNG supplies to Europe.

To recap, the Russian Foreign Ministry announced the time frame for obtaining permission to launch Nord Stream 2.

As reported, Poland intends to abandon Russian gas until 2023.

Tags: Gazprom, gas, contracts, UGSF, GTS, RF, heating season, pipeline, price, gas supplies, Poland, economy, Europe

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