Gas price in Europe down below $400 per 1,000 cubic metres

The price of gas in Europe dropped below $400 per 1,000 cubic metres for the first time since July 8, 2021, according to London’s ICE. Prices fell by 2.4 per cent over the day.

The price of July futures at the TTF hub in the Netherlands fell to $398.1 per 1,000 cubic metres or 35.06 euro per MWh (based on the current EUR/USD exchange rate, ICE prices are presented in euro per MWh), TASS reports.

The price of gas in Europe is falling amid high gas storage occupancy, record LNG inflows and warm weather. The storage occupancy exceeds 62 per cent, and LNG supplies from terminals into the gas transmission system of Europe in April reached an all-time high of 12.07 billion cubic meters. Record LNG flows in Europe persist in May.