The exchange price for gas in Europe fell to its lowest level since April 2021
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Gas prices in Europe during trading on the London Stock Exchange ICE decreased by more than 4% and dropped below $250 per 1 thousand cubic meters. m. for the first time since April 2021. The cost of March futures at the TTF hub in the Netherlands fell to $249 per 1 thousand cubic meters. m (€22.34 per MWh).
The exchange price for gas began to fall at approximately 13:03 Moscow time. At the beginning of trading at 10:00 Moscow time, March futures were trading at $257.5 per 1 thousand cubic meters.
A decrease in gas prices has been observed since the beginning of 2024. The cost of European gas fell by more than 20% in January–February. Reuters wrote, that the trend is explained by the warm winter, which made it possible to reduce gas consumption. In addition, gas supplies from Norway, interrupted due to repairs at the Troll field and the gas processing plant in Nyhamn, were restored.
Why Europe’s dependence on gas from Russia is decreasing – in the Kommersant publication “It’s not the weather that’s reducing demand”.
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