Natural gas prices dropped below $1,000 per thousand cubic meters on the European markets on Thursday, after Russian energy major Gazprom promised to refill Europe’s underground gas storage (UGS) facilities as soon as next month.
The price of gas futures for November delivery at the TTF hub in the Netherlands stood at $956 per thousand cubic meters – €79.8 per megawatt-hour in household terms – marking a sharp decline of 8%.
Earlier this week, Gazprom CEO Alexey Miller said the company was ready to turn to refilling its European gas storage facilities next month after it completes filling the underground sites in Russia.
“Certainly, there are no doubts this will improve reliability and stability of supplies during the forthcoming winter season,” Miller said, adding that the gas injection into Russian depositories would be completed on November 8.
According to Miller, the current levels at Gazprom’s storage facilities in Europe, including those in Austria and Germany, are very low.
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