Gas Prices in Europe Drop Due to Warm Winter

Gas prices in Europe have fallen for the first time since February 16, dipping below $800 per thousand cubic meters. The value of January futures at the Netherlands TTF hub has decreased to $791.3 per 1000 cubic meters.

Against the backdrop of mild weather, gas quotes in Europe are decreasing. This week, temperatures across most EU countries remain above climatic indicators, leading to both a reduction in gas withdrawals from storage and an increase in injections to record high levels.

In addition, the share of wind energy production in the EU continues to hover around a stable level of 20% or higher. A record was even set on December 29, reaching 32.8% during the entire observation period.