The exchange price of gas at the opening of trading on ICE Futures fell by more than 10% in early trading on January 24. The cost of February futures at the TTF hub in the Netherlands fell to €59.6 per 1 MWh, or $681 per thousand cubic meters, taking into account the current exchange rate, according to the data of the ICE exchange as of 10:15 MSC. At the low, the price was down more than 11% to $671 per thousand cubic meters.

As of 10:22 MSC the cost of a thousand “cubic meters” of gas was $680 (minus 9.85%).

The day before, gas prices in Europe exceeded $750 per thousand cubic meters, as cold weather increased gas consumption for heating. In addition, the quotations growth was facilitated by the restriction of supplies from Norway, the largest gas supplier to Europe, which was due to technical works.

The exchange value of gas in Europe fell Tuesday as a forecast of warmer weather next week eased concerns about supply and power shortages, Bloomberg reported. The region is expected to warm through the first week of February, according to Maxar Technologies forecasts. Additionally, high levels of gas in underground storage (UGS) and liquefied natural gas (LNG) supplies are helping to stabilize prices.

In addition, Freeport LNG, the second-largest exporter of liquefied natural gas in the United States, said Monday that it has completed repairs at its Texas plant and sent a request to U.S. regulators to allow some operations at the plant to resume, RBC wrote. LNG production was halted due to an explosion and fire in June 2022. Freeport LNG accounted for about 20% of US gas exports, with the EU and the UK accounting for about 70% of Freeport LNG’s exports in the last few months before the shutdown.