Gas prices fall sharply in Europe

The price of gas in Europe in January-June 2023 fell by half, to about $425 per 1,000 cubic meters, Report informs via TASS.

The main factors behind this decline were abnormally warm weather, high level of gas in storage facilities and reduced demand for gas in the EU.

On December 30, 2022, gas futures were trading at about $845 per 1,000 cubic meters, but on June 30, 2023, trading closed at $425 - 50% lower compared to the beginning of the year.

In December 2022, the average gas price in Europe was about $1,272 per 1,000 cubic meters, but then within six months it gradually decreased: in January - to $712 (21% lower year-on-year), in February - to $583 (-41%), in March - to $488 (-60%), in April - up to $477 (-55%), in May - up to $357 (-65%), and in June - to $366 (-70.5%).