Price of gas drops below $300 per 1,000 cubic meters in Europe

The price of gas in Europe dropped below $300 per 1,000 cubic meters for the first time since July 31, 2023. The overall price decline since the beginning of the day is about 6%, Report informs via TASS.

The price of February futures at the TTF hub in the Netherlands fell to $299.7 per 1,000 cubic meters, or 26.6 euros per MWh (based on the current exchange rate between euro and dollar, ICE prices are presented in euros per MWh).

Gas prices in Europe are falling amid record gas reserves and weak economic growth that is limiting energy demand in large industrial nations.

European UGS facilities are 75.01% full (11.16 percentage points higher than the average for this date over the past five years). They contain 82.67 billion cubic meters of gas. European countries filled their underground storage facilities with gas to the target 90% for the heating season back in mid-August, and by the beginning of the season, they had accumulated a record 99.63%.