The gas price in Europe fell to its lowest level since the end of 2021, as the price fell to around €41.4/Megawatt-hour (MWh) on Monday afternoon – about 6.5% lower than on Friday.
Just after 15:00 on Monday, the gas price for delivery in April dropped to €41.4/MWh on the leading Dutch TTF futures market, the lowest level since Russia's invasion of Ukraine in February last year.
In the aftermath of the war, gas prices rose sharply and reached a peak in August, when the gas price stood above €300/MWh. In early December, European gas still cost almost €150, but since then there has been a rapid drop.
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This is partly due to the fact that, compared to last year, European gas reserves are still reasonably well-filled at the end of the winter.
In the longer term, however, natural gas will still remain more expensive than before. Until the autumn of 2021, the wholesale price fluctuated around €20/MWh, before gradually rising to €42/MWh by the end of January 2022.
