On Monday, the TTF futures contract for Dutch natural gas started trading at EUR 70.30 per megawatt hour. European natural gas was last this cheap in February 2022, before the start of the war in Ukraine. In early trading, the gas price rose again slightly and the megawatt hours were traded at 73 euros in the morning. Since the beginning of December, the price of the TTF futures contract has roughly halved. The record high was reached last summer at 345 euros per megawatt hour. At that time, a stop in the supply of natural gas from Russia triggered a rapid rise in prices.
The main reason for the falling gas price is still the comparatively mild winter temperatures, which are dampening consumption. At the turn of the year in Germany there were regional temperatures of over 20 degrees. The German Weather Service has recorded the warmest New Year’s Eve since weather records began. In addition, significantly more energy has recently been generated from wind power, which reduces the consumption of gas to generate electricity.
Thanks to the recent very mild winter, natural gas is still being stored in Germany. According to the latest data from the European storage association GIE, the fill level in all German storage facilities was 90.12 percent on December 31st. Gas reserves are up for the 11th straight day after falling for several weeks.
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