The price of gas in Europe is at a minimum since July

Prices are falling amid high gas inventories and expectations of warmer weather in the region next week.

The price of natural gas in Europe fell below the pychological level of $300. This is evidenced by the data of the London ICE exchange on Monday, February 12.

Thus, the price of March futures at the TTF hub in the Netherlands decreased to $288.6 per 1,000 cubic meters. m, or 25.86 euros per MWh (based on the current exchange rate of the euro to the dollar, ICE prices are presented in euros per MWh).

The total price decrease since the beginning of the day is already about 4%. The current price is the minimum from July 17, 2023.

Market analysts note that gas prices in Europe are falling amid large gas inventories and expectations of warm weather in the region next week.

Currently, underground gas storages (SGS) in Europe are filled by 67.02% (14.77% higher than the average on this date for the last five years) – they contain 73.86 billion cubic meters. m of gas.

European countries filled their underground storages with gas to the target 90% before the heating season in mid-August, and by the start of the selection season they had accumulated a record 99.63%.

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