2024-03-30 21:46:32
The price of gas in Europe in January – March 2024 fell by 17% – to about $306 per 1 thousand cubic meters. m, according to data from the London ICE futures exchange.
As Day.Az reports with reference to TASS, the main factors for the decline were warm weather, high occupancy of gas storage facilities and a decrease in demand for gas in the EU.
If on December 29, 2023, gas futures were trading around $367 per 1 thousand cubic meters. m, then on March 28, trading closed at $306 – 17% lower than at the beginning of the year.
In December 2023, the average gas price in Europe was about $408 per 1 thousand cubic meters. m, but then there was a gradual decrease: in January – to $337 (53% lower in annual terms), in February – to $288 (-51%), in March – to $302 (-38%).
The drop in gas prices was due to high gas storage capacity and relatively warm weather. They are currently occupied at a record 59% for this time of year. European countries filled their underground storage facilities with gas to the target 90% for the heating season back in mid-August last year, and by the beginning of the withdrawal season they had accumulated a record 99.63%.
In addition, the share of wind generation in EU electricity generation this year is generally higher than in 2023.
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