The halt to Russian gas supplies caused fears about supply and caused gas prices to explode. The gas storage facilities in Germany are now well filled and prices in Europe are falling significantly again.
The price of European natural gas has hit its lowest level in almost two years. On Thursday, the trend-setting TTF futures contract for delivery in one month was traded at EUR 25.80 per megawatt hour (MWh) on the Amsterdam Stock Exchange. Natural gas was last this cheap in June 2021. Experts explained the development, among other things, with an oversupply and did not want to rule out a further drop in prices.
The price of European natural gas has been on a downward trend since the end of last year. A record price of more than 300 euros per MWh was paid last summer. The halt to Russian gas supplies had fueled fears of an energy crisis.
While gas prices are falling, gas storage facilities in Germany continue to be filled. According to the latest data from the European storage association GIE, the fill level in all German storage facilities was 72.76 percent on Tuesday. The gas reserves have been increasing almost continuously for weeks and are well above the comparative value of the previous year. The reasons for the higher level are imports of liquefied natural gas, a mild winter and savings, especially in industry.
Source: Stern
