Gas prices in Europe have dropped below $ 1,200 per thousand cubic meters for the first time since March 1, according to data from the London ICE exchange.

Thus, April futures on the index of the largest European hub TTF opened trading at the level of 1194.3 dollars (8.3 percent lower than the estimated price of the previous day – 1302.6 dollars). However, then they rose slightly to $ 1,234, but it is still 5.3 percent lower than the estimated price.

The European gas market has been in a fever for many months. Last spring, prices fluctuated at the level of $ 250-300 per thousand cubic meters, by the end of August they rose to $ 600, in October they exceeded a thousand for the first time, and in December — over two thousand. This was followed by some pullback, but prices remained consistently high, which has not been observed in the entire history of the operation of gas hubs in Europe.

Experts attributed this to the low level of occupancy of European underground storage facilities, limited supply from major suppliers and high demand for liquefied natural gas in Asia.

In early February, futures fluctuated in the range of $ 800-1030, but then sharply went up after Russian President Vladimir Putin signed decrees on February 21 recognizing the sovereignty of the Donetsk and Luhansk People’s Republics, and on February 24, Russia launched a special military operation to demilitarize and denazify Ukraine. The historical maximum in the European gas market was recorded on March 7 — $ 3,892 per thousand cubic meters.