Gas in Europe has fallen in price again

Gas prices in Europe have fallen again, reaching $300 per thousand cubic meters. Gas prices fell by 3.8% after the opening of trading on July 20, according to data from the London-based ICE exchange, enkorr reports.

August futures on the TTF (Titan, Pipeline, France) index, the largest gas hub in Europe located in the Netherlands, opened at $299.8 per thousand cubic meters, down 4%. However, by 9:11 a.m. Kyiv time, the price was $300.3, down 3.8% from the previous day.

On the previous trading day, the price of gas was $312.3 per thousand cubic meters.

The publication notes that gas prices in Europe have been falling since the end of last year, after which on May 25 they dropped below $300 per thousand cubic meters for the first time in two years. The cost of gas has decreased by more than 13 times compared to the record values recorded in the early spring of 2022, when the price was $3,892 per thousand cubic meters.

The decline in gas prices on the European exchange is attributed to sufficient reserves in the EU's underground gas storage facilities, as well as favorable weather conditions, including warmth and wind, which led to a decrease in gas consumption due to the cost-saving measures taken.