Frankfurt — Prices for European natural gas dipped below €24 ($25.8) per megawatt-hour for the first time in two years in trading on Dutch TTF futures on Tuesday, continuing a downward trend over recent months.
The benchmark TTF contract for delivery one month ahead was traded at €23.50, the lowest level since June 2021.
European natural gas prices have been trending downwards since the end of last year, after soaring in the wake of the Russian invasion of Ukraine. At its peak, the price hit more than €300 per MWh amid fears of a European energy crisis after Russia ceased deliveries.
Gas storage levels stood at 74.11% of capacity on Sunday in Europe's largest economy, Germany, according to data from the Gas Infrastructure Europe (GIE) gas storage association. The levels have risen steadily over recent weeks and are well above last year's levels.
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