Energy-resources Communications

Gas prices in Europe plummet below $1,000 per 1,000 cubic meters

The price of gas on the ICE exchange continued to decline on Thursday.

By 11:30 Yerevan time, it dropped below $1,000 per 1,000 cubic meters for the first time since September 29.

The price dropped to $973 per 1,000 cubic meters, although at the opening it was around $1,250 per 1,000 cubic meters, TASS reports.

On Wednesday, the price of November futures surpassed $1,900 per 1,000 cubic meters, setting a new historical maximum, but later it began to rapidly decline. By the end of the trading session, the index fell 1.5-fold.

The high volatility of prices on the European gas market is associated with low reserves in gas storage facilities ahead of the coming winter.