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European gas price extends drop to under 30 euros

European gas price extends drop to under 30 euros
Source: Pixabay

Europe’s reference gas price, which soared following the invasion of Ukraine by major producer Russia, briefly dropped under 30 euros Thursday, reaching the lowest level in nearly two years.

The price of benchmark Dutch TTF gas fell to 29.85 euros, a level last seen in June 2021, with tight supply concerns easing as Europe heads into summer and after the continent has become less dependent on Russian energy.

After striking the lowest point in 23 months, the reference price soon recovered to 30.25 euros.

“The market remains well-supplied, with storage levels well above average,” noted Energi Danmark.

The European gas price has plunged by more than 60 percent since the start of the year.

It soared to a record-high 345 euros in March 2022, shortly after Russia’s invasion in February of last year.

At around 30 euros, the price remains double the level of around 15 euros in 2020 when the Covid pandemic shut down the world economy, crashing global demand for energy.

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Agence France-Presse (AFP) is a French international news agency headquartered in Paris, France. Founded in 1835 as Havas, it is the world's oldest news agency.

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