By Chris King • 20 March 2023 • 22:02
Image of a lorry delivering butane gas cylinders.
Credit: IMAGEN PUNTO DE LUZ/Shutterstock.com
According to market data, the price of TTF natural gas for delivery next month closed below €40/MWh in the Dutch market this Monday, March 20. The price fell by 8.6 per cent, standing at €39.2/MWh, a level not seen since the end of July 2021.
This drop comes in the context of lower demand for fuel due to good temperatures and the proximity of spring in Europe. Since the beginning of the year, the price of natural gas has fallen by 45.5 per cent.
This has occurred thanks to a combination of good weather and a high volume of reserves in Europe that were accumulated to deal with the shortage of Russian supplies due to the war in Ukraine.
Commodities began rising in the summer of 2021 and spiked just as geopolitical tensions were escalating, with Russian troop movements reported on the Ukrainian border.
Putin’s subsequent invasion triggered prices, which reached their all-time highs of more than €300/MWh last Summer due to high demand to fill reserves for the Winter. However, the good temperatures registered in Europe this year have moderated the price of the raw material, as reported by 20minutos.es.
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Originally from Wales, Chris spent years on the Costa del Sol before moving to the Algarve where he is a web reporter for The Euro Weekly News covering international and Spanish national news.
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