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Gas prices in Europe are at their lowest since July

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Prices are falling due to large gas supplies and warm weather expected in the region next week.

The price of natural gas in Europe has fallen below the psychological level of $300. This was confirmed by data from the London ICE exchange on Monday, February 12.

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The price of March futures at the TTF hub in the Netherlands fell to $288.6 per 1 thousand cubic meters. m, or 25.86 euros per MWh (based on the current exchange rate between the euro and the dollar, ICE prices are presented in euros per MWh).

The total price drop since the beginning of the day is about 4%. The current price is the lowest since July 17, 2023.

Market analysts noted that European gas prices are falling amid large gas reserves and expectations of hot weather in the region next week.

Currently, underground gas storage facilities (UGS) in Europe are 67.02% full (14.77% higher than the average for this date in the last five years) – they contain 73.86 billion cubic meters. m of gas.

European countries filled their underground gas storage facilities for the target 90% of the heating season in mid-August, and at the beginning of the withdrawal period they accumulated a record 99.63 %.

Let’s remember that because of the war in Ukraine, Russia lost half of its gas exports. Such disappointing data for the Rashists was reported by the Deputy Prime Minister of the Russian Federation Alexander Novak.

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Source: korrespondent

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