Gas price in Europe below $300 per 1,000 cubic meters first time since July 31, 2023

The natural gas price in Europe dropped below $300 per 1,000 cubic meters for the first time since July 31, 2023, according to data from the London ICE exchange. The overall price decline since the beginning of the day is about 6%, Azernews reports, citing TASS.

The price of February futures at the TTF hub in the Netherlands fell to $299.7 per 1,000 cubic meters or 26.6 euros per MWh (based on the current exchange rate of euro to dollar, prices for ICE are given in euros per MWh).

Gas prices in Europe are falling amid record gas reserves and weak economic growth that is limiting energy demand in large industrial nations.

Currently, European underground gas storage facilities are 75.01% full (11.16 percentage points higher than the average for this date over the past five years), they contain 82.67 billion cubic meters of gas. European countries filled their underground storage facilities with gas to the target 90% for the heating season back in mid-August, and by the beginning of the extraction season they had accumulated a record 99.63%.