EU gas exchange prices drop below $610

EU gas exchange prices drop below $610

Exchange gas prices in Europe fell by 15% on Monday, below $610 per 1,000 cubic meters for the first time since September 2021, with the capacity of European underground storage facilities (UGS) remaining at a high level of 81.49%.

European UGS are filled by 81.49% (-0.2%), containing 88.6 billion cubic meters as of January 16, which is 1.7 times higher year-on-year, the data from the Association of Gas Infrastructure Europe (GIE) and the London-based ICE exchange showed on Tuesday.

Lower rates of gas withdrawal can be attributed to warm weather and increased wind power generation. According to WindEurope, wind power stations produced 25.8% of all electricity generated in the bloc on Monday, which is 1.7 times higher than the annual average figure of 15%.

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