Price of gas in Europe down for first time since July 2021

The price of gas in Europe at exchange auctions fell below $400 per 1,000 cubic meters for the first time since July 8, 2021, according to data from London Stock Exchange (LSE), reports.

The total price reduction for the day is about 2.4 percent.

The cost of the June futures on Title Transfer Facility, more commonly known as TTF, in the Netherlands, decreased to $398.1 per 1,000 cubic meters or 35.06 euros per MWh.

The price of gas in Europe is declining against the background of high occupancy of gas storage facilities, record LNG (Liquefied natural gas) receipts and warm weather.

Thus, the storage capacity exceeds 62 percent, and LNG flows from terminals to the European gas transportation system in April reached an absolute maximum in the entire history of observations - 12.07 bcm. Meanwhile, record LNG flows in Europe continue in May.

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