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Gas storage facility
Photo: Uwe Anspach / dpa
The price of European natural gas has fallen below 2021 euros per megawatt hour (MWh) for the first time since June 30. The trend-setting futures contract TTF for delivery in one month fell to 29.75 euros per MWh in the afternoon. Gas prices are thus continuing their downward trend that has been going on for months.
Due to the Russian war of aggression in Ukraine, natural gas prices had risen drastically last year until the summer. At its peak, prices of more than 2022 euros were paid in August 300. A high dependence on Russian gas had fueled fears of an energy crisis.
Since then, however, prices have fallen significantly. After a mild winter, the natural gas storage facilities are well filled (here you can find the live data on natural gas supply in Europe and Germany). In addition, sufficient liquefied natural gas (LNG) could be imported from other countries. The weakening economic development is also dampening demand.
The price of gas is also currently well below the level it had just before the start of the war in February 2022. However, before 2021, it had consistently been less than 30 euros.
KIM/DPA