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The price of European natural gas has reached its lowest level in almost two years. The leading one-month delivery TTF futures contract traded on the Amsterdam Stock Exchange at EUR 25.80 per megawatt hour (MWh) on Thursday.

Natural gas was last this cheap in June 2021. Experts explained the development with, among other things, an oversupply and did not want to rule out a further fall in prices.

The price of European natural gas has been in a downward trend since the end of last year. Last summer, a record price of more than 300 euros per MWh was paid. The shutdown of Russian gas supplies had fueled fears of an energy crisis.

While gas prices are falling, gas storage facilities in Germany remain filled. According to the latest data from the European storage association GIE, the filling level in all German storage systems was 72.76 percent on Tuesday.

Gas reserves have been rising almost continuously for weeks and are well above the previous year’s comparative value. The reasons for the higher level are liquefied natural gas imports, a mild winter and savings, especially in industry. (oee/sda/awp/dpa)