2023-05-18 16:49:26
European gas fell below 30 euros for the first time in nearly two years
European natural gas prices continued their decline today, Thursday, to their lowest levels in nearly two years, following markets were largely saturated with sufficient stocks in Europe, and high temperatures caused a decline in demand.
And with the middle of Thursday’s dealings, Dutch gas futures contracts “TTF”, the European reference, were traded at a price of 29.90 euros per megawatt hour, shortly following it recorded a price of 29.85 euros per megawatt hour, which is a price the markets have witnessed since June 2021.
After falling to its lowest level in 23 months, European gas rose once more, recording 30.25 euros.
“The market remains well supplied, and inventory levels are well above average,” said Energy Denmark group.
The European gas price has fallen by more than 60% since the beginning of the year. The price had soared to a record high of 345 euros in March of last year, shortly following the start of the Russian invasion of Ukraine.
The price of 30 euros is still more than double the price recorded in 2020 when the Covid-19 pandemic shut down the global economy and weakened energy demand.
The European gas import bill rose from $120 billion in 2021 to $390 billion in 2022, before the European demand for it declined, by 13%, due to the role played by renewable energies, which helped dispense with importing 11 billion cubic meters of natural gas. .
The exorbitant 2021 bill accelerated the shift towards faster and broader use of renewable energies in the old continent. The irony was the increased use of the most polluting energies, such as coal, in an attempt to plan on a longer term, aimed at reducing dependence on Russian gas.
(AFP, The New Arab)
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