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European gas price drops below $650 per 1,000 m³ first time since September 2021

Stock price for natural gas in Europe has dropped below $650 per 1,000 m³, the lowest since 6 September 2021, as per the ICE.

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TASS noted previously that the gas prices are falling due to abnormally warm weather in Europe, which made it possible to reduce gas intake from storage facilities and fill them to record levels.

At the end of December, gas prices dropped below $865 per 1,000 m³. This was the lowest figure for the entire time of Russia’s full-scale invasion of Ukraine, which began on 24 February.

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Will the EU introduce a gas price cap and where is Russia going to redirect its gas exports: explained by Sergey Pikin, an economist

The European Union nations agreed on a price cap for Russian gas at €180 per megawatt-hour on 19 December, coming into effect on 15 February. The decision was almost unanimous, Reuters wrote. Germany, which had previously negated the possibility of an agreement, consented to the terms.

Vladimir Putin signed a law to introduce countermeasures against the price cap on Russian oil on 27 December.

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