Gas prices in Europe fall to lowest level since July 2023

The exchange price for European gas on the ICE Futures platform dropped to July 2023 values, Report informs referring to Kommersant newspaper.

On February 12, the price of March gas futures at the Dutch TTF hub dropped to 25.86 euros per 1 MWh. Gas futures last traded below this level on July 28, 2023.

Since the beginning of 2024, the price of gas in Europe has dropped by 20%. According to Reuters, the price decline is due to a warm winter, which reduced gas consumption for heating and filled underground storage. There was also a restoration of gas supplies from Norway, which was interrupted due to repair work at the Troll field and the Nyhamna gas processing plant.