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.
As reported, Poland intends to abandon Russian gas until 2023.
China looks to lock in U.S. LNG as energy crunch raises concerns
EU leaders to press ahead with emergency relief for energy prices
Ukraine and the EU will develop different scenarios on gas supplies to Ukraine