The price of gas in Europe during exchange trading on Monday fell below $650 per 1,000 cubic meters for the first time since the beginning of September 2021, according to the data of the London exchange ICE. The total price decline for the day is more than 11%.

The cost of February futures at the TTF hub in the Netherlands fell to $645 per 1 thousand cubic meters, or €57.635 per MWh (based on the current euro-dollar exchange rate, prices on ICE are presented in euros per MWh), reports tass.ru

Gas quotations are declining amid rather warm weather in Europe. The average share of wind generation in EU electricity generation since the beginning of the month remains very high and exceeds 26%. And on January 15, it reached an all-time record of 35.4%.

In addition, gas reserves in the EU underground storage facilities are at an all-time high for this time of year. Now the European UGS facilities are 81.7% full (19 p. p. higher than the average on this date for the last five years), with 88.47 billion cubic meters of gas in them. However, Gazprom warned that even close to the maximum gas reserves in UGS facilities of major European countries do not guarantee them reliable passage through the fall-winter period. The winter load on European UGS facilities will be higher than in previous years due to changes in logistics and gas supply sources.