Gas prices in Europe fell below $300 for the first time since May 2021
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Exchange gas prices in Europe for the first time since May 20, 2021 fell below $300 per 1,000 cubic meters. m, follows from data London Stock Exchange ICE.
The cost of June futures at the TTF hub in the Netherlands fell to $298.2 per 1,000 cubic meters. m, which is 3.9% lower than the price of May 24.
Gas in Europe has been getting cheaper since the end of August 2022. The fall accelerated in December last year, when stock prices fell below $800 per 1,000 cubic meters for the first time since February last year. m. March 9 this year, the price fell to $450 per 1000 cubic meters. m. After the end of the heating season in the EU (ended on April 6), gas continued to become cheaper and on May 10, for the first time since July 2021, it was traded for less than $400 per 1,000 cubic meters. m.
Experts interviewed by Vedomosti tied up this dynamic with a significant level of gas reserves in European underground storage facilities (UGS) and a stable supply of liquefied natural gas (LNG) to the EU market. According to their estimates, none of the potential risks for the EU gas market has materialized: LNG supplies have remained high, weather conditions are normal, and competition from China for free gas volumes has not intensified.
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