European gas prices stabilise after sharp early-August decline

European natural gas prices have stabilised below $700 per 1,000 cubic metres on the London-based ICE exchange after a significant drop at the beginning of the week.

Trading on Wednesday (August 5) showed relatively steady dynamics, with European gas futures moving away from the $700 threshold, Caliber.Az reports, citing foreign media.

September futures linked to the Dutch TTF benchmark opened at $654.2 per 1,000 cubic metres, down 1.7%, before rising slightly to $663.7 by 09:58 Moscow time.

The latest movement follows a period of strong volatility in European gas markets. In July, prices increased by almost 20%, surpassing the $700 mark by the end of the month. However, in early August, quotations declined by nearly $40.

The previous surge in gas prices began on March 2, amid heightened geopolitical tensions following US and Israeli strikes on Iran. Average monthly gas prices subsequently rose by almost 60%, according to market data.