Exchange prices for gas in Europe fell almost 10 percent at the opening of trading on Tuesday, sitting at $670 a thousand cubic meters, data from London's ICE exchange showed.

February futures on TTF index (Europe's largest hub, located in the Netherlands) opened trading at $672 (-9.7%). The quotation movement is given from the settlement price of the previous trading day - $743.8 per thousand cubic meters.

On January 17, the exchange gas prices in Europe dropped below $600 per thousand cubic meters for the first time in 16 months - since August 31, 2021. Experts noted that the price of gas on the European exchange was falling due to warm weather and strong winds (wind power plants have increased their production of electricity), as well as sufficient gas reserves in underground gas storages in the EU.