LONDON, UK – The price of natural gas in Europe fell again on Friday, taking it to its lowest in almost three years as mild winter weather continues and European stockpiles hold up.
Mid-morning on Friday, the benchmark Dutch TTF futures contract was down 3.2 percent at US$24.3 (22.45 euros) a megawatt-hour (MWh), shortly after hitting US$24.16 (22.315 euros), its lowest since May 2021.
Gas reserves, which are usually drawn down during winter for heating, are at 64.7 percent of storage capacity on average in the European Union, according to the Agregated Gas Storage Inventory (AGSI) platform.
Britain’s equivalent of the TTF also hit a recent low Friday at 55.42 pence per therm. UK gas reserves are filled to 77.15 percent, according to AGSI.
Gas prices soared in 2022 and into 2023 as Russia’s invasion of Ukraine sent European countries scurrying to limit consumption and diversify their sources of supply.
European nations were also forced to undertake measures to restrain consumption, but made it through the winter of 2022-2023 without cuts to residential heating or electricity generation.
