10:58 - 8.01.2025

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January 8, Fineko/abc.az. On January 7, gas prices in Europe dropped below $500 per 1,000 cu m during stock trading for the first time since December 27, 2024, ABC.AZ informs, referring to the London ICE exchange.

Since the beginning of the day, a drop was nearly 2%. Futures for February delivery at the TTF hub in the Netherlands fell to $495.6 per 1,000 cu m, or 46 euros per MWh (ICE prices are indicated in euros per MWH, taking into account the current euro-dollar exchange rate).

At the end of December, gas prices gradually increased due to expectations of termination of Russian gas transit through Ukraine.

However, after suspension of supplies from the Russian Federation, quotations increased only by 1%, reaching a maximum since November 15, 2023, and then began to decline.

By the end of 2024, the average price of gas in Europe fell by 17%, to about $387 per 1,000 cu m, due to warm weather, full storage facilities and low demand.