The average price of gas futures on the TTF index Europe's largest hub has continued to decline on Tuesday, falling in July by 8% to $336 per thousand cubic meters and down 5.4 times over the past year, according to data from the London-based ICE exchange
MOSCOW (Pakistan Point News / Sputnik - 01st August, 2023) The average price of gas futures on the TTF index Europe's largest hub has continued to decline on Tuesday, falling in July by 8% to $336 per thousand cubic meters and down 5.4 times over the past year, according to data from the London-based ICE exchange.
The average figures stood at $365 per 1,000 cubic meters, down from $1,807 in July 2022, due to sufficient gas reserves in the European underground storage facilities, energy saving and falling demand in the energy market, the data showed.
Exchange prices have been on decline since late 2022 due to warm weather and strong winds, providing for an increased electricity generation. Despite the current decline, gas quotations are more than doubling the historical average because such high prices have not been recorded in the history of European gas hubs operations since 1996.
