Gas Prices In Europe Collapse To Lowest Level In Two Years

• 25.05.2023, 12:29

And they can fall further.

Exchange gas prices in Europe for the first time since May 20, 2021 fell below $300 per thousand cubic meters. This is evidenced by ICE data, reports the industry publication enkorr.

The cost of June futures on the TTF hub in the Netherlands as of 10:25 a.m. Kyiv time fell to $297.06/thousand cubic meters, or 26.8 euros per MWh. Since the beginning of trading, prices have decreased by 3.3%.

Gas prices in Europe declined from June 2021 levels amid oversupply and hot summer forecasts. They were reduced due to the large supply of LNG, high reserves and falling demand for gas on the continent. Additional factors could be the first joint tenders for the purchase of gas by EU countries, as well as an increase in the share of wind generation in electricity generation.