The downward trend continues thanks also to the relatively warm winter that allows the saving of stocks
About five times cheaper than in August: the price of natural gas in Europe today fell to its lowest level since the start of the war in Ukraine, continuing its downward trend thanks to a relatively warm winter that allows reserves to be saved.
Benchmark contracts for Europe, TTF on the Dutch market, fell 4.67% to 72.75 euros per megawatt hour (MWh) for February delivery at 09.35 GMT, the lowest level since 21 February.
The price of natural gas for February delivery fell 50% in a month … and is well off the summer peak, when it reached 343 per MWh in August.
Natural gas prices began to rise in the fall of 2021, with the start of a cut in Russian gas deliveries to Europe, and then after the Russian invasion of Ukraine on February 24, 2022. Since then, natural gas pipelines connecting Russia to Europe is almost closed.
Today’s trading volume was limited as the main commodity market, the London market, is closed.
The downward trend in prices is due to “the significant natural gas reserves that have been built up and the relatively low demand due to favorable weather conditions,” explains Sebastian Paris Horwitz of La Banque Postale Asset Management.
“It’s good news for European countries and for the economies of the region,” he says.
RES-EMP
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