Gas prices fall after Vladimir Putin’s statements

Posted on Oct 29, 2021 4:27 PMUpdated Oct 29, 2021, 4:43 PM

For the first time in many months, gas prices are going downhill. This Friday, the European benchmark price, the Dutch TTF, dropped back below 70 euros per megawatt hour (MWh), to less than 69 euros at midday in Paris. Unheard of since September 27. It shows a decrease of 21% since Wednesday evening. The price of British gas for delivery next month showed, for its part, a drop of the same magnitude over the week, quoting 177 pence per therm.

This fall in prices on European markets follows statements from Vladimir Putin. On Wednesday, the Russian president ordered gas giant Gazprom to increase gas deliveries to the European Union once Russian tanks have been filled. “I beg you, after the completion of the filling of the underground gas reservoirs in Russia, by November 8 or November 8, to start a gradual and planned work to increase the gas volumes in your underground reservoirs in Europe”, he said, specifying that it was mainly Austria and Germany.

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