Gas prices in Europe dip to summer 2021 low

3 March, 05:35 PM
Gas prices in Europe fell to their lowest level since July 2021 (Photo:АТ Уктрансгаз)

Gas prices in Europe fell to their lowest level since July 2021 (Photo:АТ Уктрансгаз)

Gas prices in Europe have fallen to the level of July 2021 - below $500 per thousand cubic meters, according to data from the TTF hub in the Netherlands on March 3.

The day-ahead contract closed at $524 per thousand cubic meters on March 2, and on March 3 it had dropped to $492 per thousand cubic meters. At the time of publication, the price was still below $500.

The last time gas prices were so low was in July 2021. Gas prices then began to rise, with four notable price spikes:

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—  October 2021 (~$1,400/thousand cubic meters)

—  December 2021 (over $2,000/thousand cubic meters)

—  March 2022 (over $2,400/thousand cubic meters)

— Late August 2022 (over $3,400/thousand cubic meters)

Gas prices have steadily declined since then.

Ukraine’s gas transmission system operator accepted 42.4 million cubic meter transit application from Gazprom on March 3 — the highest since year started, Ukrainian news agency Interfax-Ukraine reported.

The contract will only be for use through the Sudzha gas metering station, as the application for use of the corridor through the Sohrankovska metering station was declined.

Europe’s gas reserves have fallen to 60.62%.

The capacities were applied for only one of the two entry points to the country's GTS — the Sudzha gas metering station. The application was not accepted for the corridor through the Sohranovka gas metering station.

The current level of gas reserves in Europe has fallen to 60.62% — 22 points higher than the average over the last five years.

Ukraine has sufficient natural gas reserves to get through winter, said Naftogaz Ukraine’s board chair Oleksiy Chernyshov. 

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