Gas fell in price against the background of the speech of the Russian president

Gas prices that were soaring upward in Europe overnight collapsed by 36% yesterday.

In recent weeks, the uncontrollable rise in gas prices has been breaking records and leading to a stupor. Yesterday at 11:28 the cost of natural gas reached a record $ 1,924. However, literally a few minutes later, the price rushed down and settled on a new position – $ 1243.

Experts linked this fall with the statement of the Russian President, in which he said about his readiness to influence the cost of energy resources on the world market, the Financial Times notes. Earlier, the head of Russia emphasized that in order to stabilize gas prices, the corresponding work must be based on a commercial basis, taking into account the interests of all parties. The publication writes:

“Market gas prices turned sharply lower on Wednesday after Russian President Vladimir Putin said his country was ready to stabilize skyrocketing global energy prices, which threaten to curb industrial activity and sharply raise inflation.”

According to trading data on ICE Futures, gas futures prices in Europe, after reaching a historic high on Wednesday ($ 1937 per thousand cubic meters), lost more than $ 600 per day, on Tuesday the estimated price fell by almost 10%.

Gas prices have skyrocketed in Europe in recent months. Back in August, the estimated price of the nearest futures on the Dutch TTF index was about $ 515 per thousand cubic meters, and at the end of September this figure almost doubled. Analysts believe several reasons have contributed to this: limited supply from major suppliers, strong demand in Asia and low occupancy rates in European underground storage facilities.

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