Russia’s natural gas giant Gazprom has maintained its forecast for gas prices in Europe this year at $133 per thousand cubic meters (Mcm), Kallanish Energy reports.
The company said in an industry conference this week the forecast is unchanged and below futures contracts in the Netherlands’ TTF hub, which at the end of the year show a level of around $160/Mcm.
Current spot gas prices in Europe are hovering at around $90/Mcm, a Gazprom spokesperson told the conference, noting that prices will improve globally in 4Q20-1Q21.
Gazprom had disclosed its 2020 forecast gas prices to Europe in May, also planning exports of 166.6 billion cubic meters. Last year, its export price to Europe averaged $211/Mcm, which would suggest a 40% decline in gas prices this year.