Gas price in Europe falls below $750 for the first time since February 2022

The cost of gas in Europe at the beginning of trading on January 4 fell below $750 per 1,000 cubic meters for the first time since February 18 last year. This is evidenced by the information of the London stock exchange ICE.

The overall reduction in the cost of gas since the beginning of January 4 is over 3 percent.

The February futures price at the TTF hub in the Netherlands fell to $733 per thousand cubic meters. This also equates to 67 euros per MWh based on the current euro/dollar exchange rate.

Earlier it was reported that the sanctions imposed by the European Union will lead to the formation of a gas deficit in Europe and provoke a long-term crisis. This opinion was expressed by Deputy Prime Minister of Russia Alexander Novak.

Novak said the introduction of a gas price ceiling shows that Western leaders prefer to flirt with their constituents instead of using sound economic calculation.

And instead of economic benefits, politicians prefer momentary political ones.