Gas prices in Europe fall below $200 first time in two months

The spot price of gas at the Title Transfer Facility (TTF), a virtual trading point for natural gas in the Netherlands, for delivery on Tuesday fell to $199 per thousand cubic meters. Thus, the price fell below $200 for the first time since late December 2020, Report informs with reference to Interfax.

Meanwhile, the level of gas reserves in underground storage facilities in Europe reached an average of 38.52%, which is 5.6 percentage points below the average of the previous five years.

Although the flow of gas from LNG terminals to the European gas transmission network in February decreased by a third in annual terms, it is still about one and a half times higher than in January.

The maximum gas price for this high-demand season at the Dutch TTF was fixed at $335 in mid-January. On average, winter TTF prices add up as follows: $202 for December, $257 for January, and a subtotal of $223 per thousand cubic meters for February.