Prices are now at their lowest since May 2021, when Russia first began cutting energy supplies to Europe ahead of its invasion of Ukraine.
Gas prices in Europe continued to fall on the last business day of the week. This is confirmed by the data of the London ICE exchange on Friday, May 26.
The price of June futures at the TTF hub in the Netherlands fell to $280 per 1,000 cubic meters. m, or less than 25 EUR/MWh (based on the current exchange rate of EUR/USD, ICE prices are in EUR/MWh).
This is the lowest price level since May 2021, when Russia first began cutting energy supplies to Europe ahead of its invasion of Ukraine.
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. The record of LNG flows in Europe remains in May.
Recall that at the end of April, the European Union started the process of joint purchase of AggregateEUgas, in which Ukraine may also be involved.
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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.