Image: APA/BARBARA GINDL
On Tuesday, the trend-setting TTF futures contract for delivery in a month was traded at EUR 23.50 each on the Amsterdam Stock Exchange. Natural gas was last this cheap in June 2021.
The price of European natural gas has been on a downward trend since the end of last year. The commodity has since plummeted in price after surging last year in the aftermath of the war in Ukraine. 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.
The price of European natural gas is now well below the level it was just before the start of the war in Ukraine in February 2022. The listing is now approaching the level that prevailed for a long time before 2021 and was noticeably below EUR 20 per MWh.
Gas storage tanks are getting full
While gas prices are falling, gas storage facilities in Germany and Austria are being filled more and more. According to the latest data from the European storage association GIE, the fill level in all German storage facilities on May 28 was around 74 percent and in all Austrian storage facilities 75 percent. Reasons for the higher level are a comparatively mild winter and savings, especially in industry.
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