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Gas prices in Europe fell below $500

Prices are falling amid some cooling in European countries this week and next.

The price of natural gas in Europe during exchange trading fell below $500 per 1,000 cubic meters. m for the first time since August 23, 2021. This was confirmed by the data of the London ICE exchange on Friday, March 3.

Thus, the price of the April futures contract at the TTF hub in the Netherlands dropped to $498.5 per 1,000 cubic meters. m, or 45.4 euros per MWh (based on the current euro/dollar exchange rate, ICE prices are presented in euros per MWh). The total price reduction per day is 3%.

Gas prices are falling on the background of relatively warm weather in Europe this heating season, despite some cooling this week and next week.

As you know, today gas reserves in Europe are at a historical maximum for this time of year. UGS facilities are currently 60.62% full (21.46% higher than the average for this date in the past five years), they contain 65.82 billion cubic meters. m of gas.

It was also found that in 2022 gas consumption in Europe will decrease by 13% or more than 70 billion cubic meters. m. This is the region’s strongest decline in demand in history.

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Source: korrespondent

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