European gas prices fell on Tuesday to the lowest level since the start of Russia's invasion of Ukraine at the end of February.
Despite the war and Western sanctions against Russia, natural gas from the country continues to flow to the European Union. Many EU countries are (indirectly) dependent on Russian gas, but want to reduce this dependence quickly.
On Tuesday morning, the price for gas on the Amsterdam gas exchange – which is the reference for European prices – decreased by 12% to about €84/megawatt-hour. That is the lowest level since 23 February, the day before Russia invaded Ukraine.
Around 12:30 on Tuesday, the decline had moderated somewhat to around €92/megawatt-hour.
It is possible that the demand for energy fell because there was less trading with the long Easter weekend ahead, report Dutch media.
After the war started and the subsequent Western sanctions against Russia, the already high gas prices had again risen sharply. Russian President Vladimir Putin has previously demanded that gas be paid for in rubles, but the EU has warned Member States that this is contrary to the sanctions imposed on Moscow.
