The benchmark gas price in Europe fell to a 20-month low amid warmer-than-usual temperatures and comfortable storage stocks on the Old Continent.
European natural gas fell below 40 euros per megawatt-hour (MWh) on Monday, the lowest level since July 2021, with quotes weighed down by mild weather and high inventories, AFP reported.
Around 10:00 GMT (12:00 Romania), the Dutch TTF futures contract, considered the European benchmark, was trading at €40.20 per megawatt-hour (MWh), shortly after hitting a low of €39.65 .
European consumption was higher in early March due to a sharp cold snap, but the return of unusually mild temperatures for the period and comfortable levels of gas inventories in Europe continue to pressure prices.
“Gas stocks are still close to record levels for this season and are 20% above normal,” DNB analysts explained.
European natural gas has fallen more than 47% since the start of the year, far from the all-time high reached in March 2022 of €345 per MWh, but still at a high level compared to previous years.
Source: Hot News
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