Gas futures in Europe down 3-fold over winter

The price of gas in Europe dropped threefold over the winter to $515 per 1,000 cubic meters, Report informs, citing London’s ICE. The unusually warm winter and the high volume of gas in storage facilities were major contributors to this decline.

Gas futures traded around $1,550 per 1,000 cubic meters on November 30, and the trading session ended at $515 on February 28 - three times lower than at the beginning of the winter. The biggest drop occurred on February 28, when gas prices dropped to $505 for the first time since the end of August 2021.

The average gas price in Europe in December amounted to about $1,272 per 1,000 cubic meters, in January - $712, and in February - around $583.