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European natural gas prices fell again on Friday, hitting their lowest in nearly three years as mild winter weather continues to hold European inventories.
On Friday morning, the benchmark Dutch TTF futures contract fell 3.2% to 22.45 euros per megawatt hour (MWh), shortly after hitting 22.315 euros, its lowest since May 2021.
gas…
European natural gas prices fell again on Friday, hitting their lowest in nearly three years as mild winter weather continues to hold European inventories.
On Friday morning, the benchmark Dutch TTF futures contract fell 3.2% to 22.45 euros per megawatt hour, shortly after hitting 22.315 euros, its lowest since May 2021.
According to the Aggregate Gas Storage Inventories (AGSI) platform, gas reserves that are normally extracted for heating in winter amount to 64.7% of the European Union’s average storage capacity.
The UK TTF equivalent price also hit a recent low of 55.42 pence per therm on Friday. According to AGSI, the UK’s gas reserves are 77.15% full.
Gas prices soared from 2022 to 2023 as Russia’s invasion of Ukraine forced European countries to restrict consumption and diversify supply sources.
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