Gas prices in Europe have plummeted since the summer. It is now only around one seventh of what it was then. Experts expect that nothing will change in the next few weeks.
At the beginning of the week, the European gas price fell to its lowest level in almost a year and a half. After the quotation had remained comparatively stable over the past few weeks, it now fell by around five percent for delivery in March to EUR 51.38 per megawatt hour (MWh), the lowest level since the beginning of September 2021.
At the end of last year, the price for European gas was still 160 euros per MWh. The record high was reached last summer at EUR 345 per MWh. At that time, a widespread stop in the supply of natural gas from Russia to Western Europe triggered a boom.
A major reason for the falling gas price in the past few months is still the comparatively mild winter temperatures in Europe, which are dampening consumption. The market expects natural gas demand to remain low for the rest of the month due to the rather mild winter.
According to the latest data from the European storage association GIE, the fill level in all German storage facilities was 73.08 percent on Saturday. Although gas reserves have fallen continuously since January, they are still significantly higher than the comparable value for the previous year.
