Natural gas prices in Europe continued to decline, falling below $450 per thousand cubic meters. The heating season ends.

 This was reported by the Intercontinental Exchange (ICE).

 Futures on the TTF hub in the Netherlands fell by 7% to 39.8 euros per megawatt-hour. Prices fell below €40 per megawatt hour for the first time since July 2021.

 Gas prices in Europe fell to their lowest level since mid-2021: what caused it

 As noted by ExPro Consulting, the decrease in gas prices in Europe is primarily due to a decrease in consumption against the background of warm weather and stable supplies.

 On March 18, for the first time since the beginning of January, Europe injected more gas into storage facilities than it withdrew, which indicates the gradual end of the heating season.

 European gas storage facilities are 55.7% full and store about 59 billion cubic meters of gas, which is the highest value for this date in recent decades.

 Gas prices in Europe have fallen more than 80% from their August peak (more than $3,500 per thousand cubic meters), when a cut in gas supplies from Russia cost Europe about $1 trillion, hitting the region's economy and pushing inflation to record highs. level over the past decades.