FRANKFURT (dpa-AFX) – The price of European natural gas continued the downward slide of the past trading days on Tuesday and fell further below the mark of 100 euros per megawatt hour. In the morning, the price of the TTF futures contract for Dutch natural gas slipped by around four percent to EUR 94.59 per megawatt hour. The TTF contract serves as a guideline for the European price level.
Gas prices have been falling since the end of last week, with the TTF futures contract falling below EUR 100 for the first time since June at the beginning of the week. Since the beginning of the month, the price of European gas has fallen by almost 50 percent. The listing reached a record high at the end of August at EUR 342 per megawatt hour. At that time, a stop in the supply of natural gas from Russia triggered a rapid rise in the price of natural gas.
The market referred to mild autumn temperatures, which keep natural gas consumption low. In addition, the gas storage facilities are now almost completely full. According to the European association Gas Infrastructure Europe (GIE), German gas reserves had risen to 238.3 terawatt hours by the end of last week, which corresponds to a gas storage capacity of 97.2 percent.
On average over the past five years, the filling level in German gas storage facilities was only 89 percent at the same time. For the entire EU, GIE estimated the reserves of natural gas at 1040 terawatt hours, which corresponds to a filling level of 93.4 percent.
Despite the recent relaxation, the price of European natural gas is still at a comparatively high level. In 2020, the TTF futures contract was still below the EUR 20 mark./jkr/jcf/stk
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