The average gas price in Europe in October increased by 10% to $456 per thousand cubic meters – Business and Economics

MOSCOW, November 1. /TASS/. According to the London ICE futures exchange and TASS calculations, the average gas price in Europe in October increased by 10% and amounted to about $456 per thousand cubic meters.

Meanwhile, during trading on Thursday, the price fell by 5% by the end of the day. Gas futures traded at $444 per thousand cubic meters on September 30, and on October 31, trading closed at $432, which is 2.7% lower than at the end of last month.

In December 2023, the average gas price in Europe was about $408 per thousand cubic meters, but later it gradually decreased until April: to $337 in January (-53% y/y), to $288 in February (-51%), to $302 in March (-38%). After this, prices resumed growing: to $320 in April (-33%), to $357 in May (+0.2%), to $384 in June (+5% y/y), to $366 in July (+9%) , to $437 in August (+10%), to $416 in September (-0.3%), to $456 in October (-11%).

The average gas price increased due to increased demand for LNG in Europe before the start of the heating season, a sharp withdrawal of gas from underground gas storage facilities, and disruption of supplies from Norway at the end of the month. At the same time, underground gas storage facilities in Europe are currently more than 95% full, storing more than 105.5 billion cubic meters. m of gas.