26 October 2022, Wednesday, 17:58 481

Natural Gas Prices In Europe Collapse Eight Times In Month

Редактор: Tetiana Herasimova

In the European market, the cost of natural gas fell below USD 1,000 per 1,000 cubic meters amid a drop in demand and a warm autumn. Over the past month, the cost of natural gas in Europe has fallen eight times.

Deputy Minister for European Integration Yaroslav Demchenkov announced this on Facebook.

Prices fell as demand for natural gas declined amid nearly 100% of European storage capacity, he said. Also, prices are affected by the warm winter on the continent.

"LNG tankers lined up around European ports with nowhere to unload natural gas. As a result, the price of natural gas in the EU has already fallen eight times over the past month and continues to decline," said Demchenkov.

He noted that Europe will definitely need this natural gas when demand increases. Those traders who will be able to buy natural gas at today's prices and find where to store it until the cold, will probably be able to sell it much more expensive in a few weeks, the Deputy Minister added.

As Ukrainian News Agency earlier reported, natural gas prices fell below USD 1,000 per 1,000 cubic meters - for the first time since June 14.

At the same time, on August 22, the cost of natural gas in Europe exceeded USD 3,000 per 1,000 cubic meters.

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