Gas prices in Europe at a year and a half low

The gas contract price for April, traded on TTF, the Netherlands-based virtual natural gas trading point with the deepest depth in Europe, opened today at 43.8 euros per megawatt-hour.

The gas contract price fell to 39.8 euros per megawatt-hour during the day, its lowest level since July 2021.

Said price is around 40 euros with a decrease of 5.91 percent compared to the close of Friday at 3:00 p.m. Turkish time.

AIR TEMPERATURE AND WIND EFFECT

The rise in temperature in Europe and the increase in electricity generation from wind farms were effective in lowering gas prices in the spot market.

Due to low gas consumption, the occupancy rate of natural gas warehouses in Europe increased slightly and reached 55.7 percent.

On the other hand, the price of futures contracts traded on TTF was below 20 euros before the energy crisis. Gasoline prices reached 348.8 euros in August last year, breaking a record. (AA)