Gas prices in Europe at their lowest in three months

November futures on Dutch hub TTF fell on warmer-than-expected weather and increased LNG shipments

Gas prices in Europe fell to a three-month low on Monday, according to data from the London Intercontinental Exchange.

November futures on the TTF hub in the Netherlands fell 7.8% to €144 per megawatt-hour ($140) in early trading, the lowest intraday since July 1. Prices then recouped some of the losses, trading at €150 per megawatt. -time around 10:00 GMT. However, they were still down almost 10% in the last five trading days.

The previous week saw the biggest drop in gasoline prices since early September. Analysts say the warmer than usual weather, which is expected to last at least two more weeks, has brought some relief to the market.

Also, despite the drop in gas supplies from Russia, European countries continue to fill their storages – the level of reserves in underground storages is already close to 91%, according to Gas Infrastructure Europe. Storage sites are largely filled with liquefied natural gas (LNG), whose flows, according to data compiled by Bloomberg, are currently at their highest seasonal levels since at least 2016.

READ MORE: EU will feel impact of energy crisis for decades – Kremlin

After the Nord Stream pipeline incident last month, Russian gas is currently flowing to Europe through the only remaining transit line via Ukraine. According to the Ukrainian gas transit system operator, flows passing through the Sudzha gas distribution station are stable, amounting to 42.4 million cubic meters on October 10.

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