The price of European natural gas continued its descent on Tuesday and fell below EUR 24 per megawatt hour (MWh) for the first time in two years.
On Tuesday, the trend-setting TTF futures contract for delivery in a month was traded at EUR 23.50 each on the Amsterdam Stock Exchange. Natural gas was last this cheap in June 2021.
The price of European natural gas has been on a downward trend since the end of last year. The commodity has since plummeted in price after surging last year in the aftermath of the war in Ukraine. A record price of more than 300 euros per MWh was paid last summer. The halt to Russian gas supplies had fueled fears of an energy crisis.
While gas prices are falling, gas storage facilities in Germany are being filled more and more. According to the latest data from the European storage association GIE, the filling level in all German storage systems was 74.11 percent on May 28th. The gas reserves have been increasing almost continuously for weeks and are well above the comparative value of the previous year. (aeg/sda/awp/dpa)