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Gas prices in Europe have overcome the psychological barrier

Photo: GTS operator of Ukraine

Gas prices are falling to a record high amid the filling of gas storage facilities, an influx of liquefied natural gas and warm weather.

Gas prices in Europe continue to fall rapidly and have fallen below the psychological level of $300 per 1,000 cubic meters. m. This is the lowest level since May 20, 2021, data from the London ICE exchange showed on Thursday, May 25.

Thus, the price of June futures at the TTF hub in the Netherlands dropped to $297.06 per 1,000 cubic meters. m, or 26.8 euros per MWh (based on the current euro/dollar exchange rate, ICE prices are presented in euros per MWh). Overall, since the beginning of the day the price has decreased by 3.3%.

The average purchase price of gas in Europe in May fell to $379 per 1,000 cubic meters. m.

Gas in Europe is becoming cheaper against the background of high filling of gas storage facilities, record LNG flows and warm weather. The rate of gas injection into underground storage facilities in Europe in May remains 32% lower than last year and one of the lowest in recent years. At the same time, the occupancy of storage facilities is approximately 66.5% – the second highest figure for this time of year.

Also, receipts of LNG from terminals to the European gas transmission system in April reached an absolute maximum in the entire history of observations – 12.07 billion cubic meters. m. Record LNG flows to Europe remain in May.

Recall that at the end of April, the European Union started the process of joint purchase of AggregateEU​​​​gas, in which Ukraine may also be involved.

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Source: korrespondent

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