The price of natural gas in Europe has dropped below $700 per 1,000 cubic meters for the first time since September 2021, Kommersant writes, citing the ICE exchanges.

In the Netherlands, the price of TTF Gas futures for February was $726.3 for 1,000 cubic meters. Moreover, at the opening of the bidding, it was $696.4 per 1,000 cubic meters; that is €63.5 per MWh.

The drop in the price of natural gas in Europe continues for the third week in a row. On December 22, the European Union officially approved the natural gas price cap at the level of €180 per MWh; that is approximately $1.96 thousand per 1,000 cubic meters. This price cap will enter into force on February 15.