On gas day on March 18, for the first time since the beginning of January, European countries pumped more gas into storage facilities than they used.
Natural gas prices in Europe have fallen below $450 per thousand cubic meters amid warming. This was confirmed by the data of the London ICE exchange on Monday, March 20.
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Thus, futures at the TTF hub in the Netherlands fell by 7% to 39.8 euros per megawatt-hour. Prices fell below 40 euros per MWh for the first time since July 2021.
According to ExPro Consulting, the drop in gas prices in Europe is mainly due to lower consumption on the back of warm weather and stable gas supplies.
On March 18 gas day, for the first time since the beginning of January, Europe pumped more gas into storage facilities than it used, signaling the gradual end of the warming period.
UGS facilities are 55.7% full and store about 59 billion cubic meters of gas, which is the highest amount for this date in recent decades.
The media previously reported that falling oil and gas prices are boosting economic growth in the US and Europe. The energy stimulus could boost eurozone output by around 1.5%, roughly equivalent to an annual increase.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.