The exchange price for European gas on the ICE Futures platform dropped to July 2023 values. Today, February 12, the price of March gas futures at the Dutch TTF hub dropped to €25.86 per 1 MWh as of 10:14 Moscow time. Gas futures last traded below this level on July 28, 2023.
By 16:06 Moscow time, the price for March futures had risen to €26.15 per 1 MWh. Since the beginning of 2024, the price of gas in Europe has dropped by 20%. According to the agency Reuters, the price decline is explained by the warm winter, which reduced gas consumption for heating and filled underground storage. There was also a restoration of gas supplies from Norway, which was interrupted due to repair work at the Troll field and the Nyhamn gas processing plant.
Why Europe's dependence on gas from Russia is decreasing - in the Kommersant publication “It’s not the weather that’s reducing demand”.