According to data from the London ICE exchange, gas prices in Europe decreased by 2% on Tuesday morning, reaching $681 per thousand cubic meters.
August futures for the TTF index (Europe's largest distribution center located in the Netherlands) opened at $689.4 (-0.7%). The dynamics of the quotes are based on the previous trading day's calculated price of $694.2 per thousand cubic meters.
Gas prices in Europe began to rise on March 2, the first trading day after the US and Israel struck Iran. They reached an all-time high of $853.7 per thousand cubic meters on March 19, when Qatar, the world's largest producer of liquefied natural gas, sharply cut production.
As a result, average exchange prices for gas in Europe surged by nearly 60% in March compared to February. In April, they decreased by 14%, in May by 5%, and in June again by 6%.
Gas prices were significantly high in 2021-2022. Such sustained high prices have not been seen since 1996, even in the history of gas distribution centers in Europe. Prices peaked at a record $3,892 per thousand cubic meters in early spring 2022.
