Natural gas prices are falling in Europe

A warm winter in Europe contributed to a further decrease in natural gas prices. In Germany, gas storage facilities remain more than 90 percent full, he writes dw.com.

Chairman of the board of Gazprom Alexey Miller

Thanks to unusually mild weather, natural gas prices in Europe continued to fall at the beginning of the new year. On Monday, January 2, prices under TTF contracts for Dutch gas started at 70,30 per megawatt/hour. The last time European gas was sold this cheap was in February 2022, before the start of Russia's war against Ukraine.

After some time, TTF prices rose to 73 euros. In general, since the beginning of December, they have halved on average. Record prices were set last summer (345 euros per megawatt/hour). This was caused by the cessation of natural gas supplies from Russia.

Mild weather makes it possible to reduce gas consumption

Gas consumption in Europe is decreasing against the background of the current mild temperatures. By the new year, the temperature in Germany exceeded plus 20 degrees in some places. The German Meteorological Service recorded the warmest New Year's Eve in the country for the entire time of weather monitoring. The fact that recently more and more energy in Europe is produced by wind turbines also influenced the decrease in natural gas prices.

Gas storage facilities in the Federal Republic of Germany are currently more than 90 percent full (90,12 percent). Gas reserves in Germany are increasing for the eleventh day in a row.

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