The price of gas in Europe fell below $500
[ad_1]
Exchange gas prices in Europe for the first time since the end of August 2021 fell below $500 per 1,000 cubic meters. m, should from London ICE data.
The price of the nearest (April) gas futures at the TTF hub in the Netherlands opened trading at $505.1 per 1,000 cubic meters. m. By 12:59 Moscow time, the price of gas dropped to $495.6 per 1,000 cubic meters. m, or €45.85 per MWh. By the closing price on March 2, prices fell by 2.1%.
Exchange gas prices have been steadily declining since the end of August 2022. In particular, in mid-February, the cost of the March futures went down below $550 per 1000 cubic meters m for the first time since August 2021.
The decrease in gas prices is largely due to warm weather in the European region, as well as significant reserves in European underground gas storages (UGS). According to the latest data, UGS facilities in Europe are filled by 60.62%, which is 21.46 p.p. higher than the average for this date over the past 5 years, transmits TASS.
[ad_2]
Source link
