The reference futures contract TTF on the Dutch energy exchange was €72.75 per megawatt hour Monday morning for February deliveries.
The gas price has soared since the fall of 2021 and Russia’s gas supplies to Europe began to curb. Since the beginning of Russia’s war of aggression against Ukraine on February 24, it has increased rapidly. On March 7, the TTF reached its previous high of 345 euros per megawatt hour. At the end of August, the price was almost at the same level, just over 342 euros.
The main reason for the falling gas price is the relatively mild winter temperatures, which reduces consumption. Market expert Sebastian Paris Horvitz says the current downtrend is due to “high accumulated gas reserves and weakened demand mainly driven by favorable weather conditions.” “This is good news for European countries and regional economies,” he said.
(SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
