The price of European natural gas continues to fall. On Friday morning that was 49.50 euros per megawatt hour – that is the lowest level in a year and a half.
On Friday it was announced that the price for the leading futures contract TTF for delivery in one month has fallen below the limit of 50 euros per megawatt hour.
Energy crisis as a result of the Russian offensive war
Natural gas prices have risen sharply in the past year as a result of Russia’s war against Ukraine. At the peak, prices of more than 300 euros were paid, after natural gas had cost around 20 euros for a long time. The once heavy dependence on Russian gas had led to an energy crisis.
The current price decline, which has been taking place since last summer, is mainly due to well-stocked natural gas storage facilities, high liquefied gas imports and lower demand due to the weather. In addition, there are savings, especially in industry, which produces less for cost reasons.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
