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The price of gas falls below 30 euros MWh for the first time in more than two years

Date: February 24, 2024 Time: 22:50:04

More than two years have passed before the price of TTF natural gas in the Dutch market for delivery in June fell below 30 euros per megawatt-hour (MWh). Shortly after 5:00 p.m., with the market still open, the raw material cost 29.8 euros per MWh, 6.6% less than this Wednesday.

This is the lowest price since June 2021, according to data provided by the platform of the manager of the Swiss and Spanish stock markets SIX. So far this year, characterized by high temperatures and the abundance of natural gas in the deposits of European countries, it has fallen by more than 60%.

Natural gas had not reached such a low price in the European market for two years, when it began to rise, especially since September 2021, with the first delays in gas deliveries from Gazprom, the largest supplier in Europe.

Prices continued to rise as the conflict between Russia and the West escalated and troop movements began on the Ukrainian border, and spiked with the March 2022 invasion and in the months that followed.

In August of that year, it marked its all-time high at more than 350 euros per MWh, at a time of strong demand from Europe to face the winter with its reserves as full as possible.

The price of natural gas is highly seasonal and tends to drop a lot in spring and summer. This year, the winter temperatures have been milder than expected and the European countries had their reserves practically at one hundred percent to be prepared for eventual Russian decisions to cut the supply.

On the other hand, since the beginning of the year, raw materials, except gold, have fallen in price due to fear of lower economic growth as a result of the impact of the interest rate hikes adopted by the central banks to combat inflation. .

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.
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