Gas prices in Europe fell sharply in the course of trading session on Friday. The price of March futures in the European TTF hub in Netherlands plunged by 27% to $1,148 per 1,000 cubic meters on the ICE exchange as fears of Europe’s energy supply outages due to Ukraine conflict receded.Gas prices in Europe soared to as much as $1,600 per 1,000 cubic meters the day before — for the first time since December 23, 2021. Futures on natural gas at the auction on February 24 rose by more than 60%.Russian’s biggest gas producer Gazprom cooled market anxiety on Friday announcing that Ukraine’s gas pipeline is operating normally and there are no supply disruptions. The company’s press service said that gas supplies to Europe are in line with the requests of European consumers – 103.8 million cubic meters. However, the risk of disruptions in gas supplies to Europe remains high which is likely to keep pressure on European equities as well as Euro in the near-term.
Source: Tickmill
