Gas prices in Europe continue to fall on a weekly basis and are at their lowest level since July 2021. This is the longest consecutive period of weekly price falls in more than three years. The decline is due to well-stocked gas inventories and the plentiful supply of imported liquefied natural gas (LNG).
On the Amsterdam gas exchange, the price per megawatt hour fell by 2% to 34.29 euros. The price of gas reached a peak of over 340 euros last year due to uncertainty about gas supplies in Europe and the interruption of gas supply by Russia.
Rapidly increasing LNG imports, lower gas consumption due to high prices and relatively mild weather conditions helped Europe avoid an energy crisis this winter. However, weather conditions and climate problems remain a major factor in gas price trends in the coming months. Last summer, Europe experienced abnormal heat and drought, leading to an increase in the use of fossil fuels such as gas.
It will probably take a heat wave in Europe or Asia to change the picture on the market. For now, the market remains calm due to strong supply,” experts at energy trader Energi Danmark said.
Source: BNR
Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.
