Posted 17 февраля 08:17

Published 17 февраля 08:17

Modified 17 февраля 08:32

Updated 17 февраля 08:32

The price of gas in Europe fell below $550 per thousand cubic meters for the first time since August 2021

17 февраля 2023, 08:17
According to the London ICE exchange, gas prices in Europe continue to decline. During the auction, the price decreased by more than 5%, falling below the $ 550 mark for 1 thousand cubic meters, for the first time since August 26, 2021.

March (upcoming) futures on the Dutch TTF hub index opened trading at $ 566.3 per thousand cubic meters, and at 10:25, as Prime notes, the price dropped to $ 545.2 (-5.2%).

A steady downward trend in gas prices in Europe has been observed since the end of 2022. The current fall in the value of futures is due to the predicted warm weather and strong winds, which will increase the generation of electricity by wind farms. In addition, gas reserves in the UGS of the EU countries are at a sufficient level — about 65%.

Despite the steady decline in prices, the current quotes are twice as high as the average figures of the period over the long history of observations. The last time such a price level was observed was in 1996.