The price of European gas has fallen to levels last seen before Russia began cutting supplies in 2021, raising hopes that the energy crisis that has gripped the region in recent years is coming to an end. The Financial Times writes about this.
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Strong imports of liquefied natural gas, warm weather and reduction Demand pressure from high prices in recent years has helped keep EU underground gas supplies at historically high levels throughout this winter, putting pressure on prices.
The European benchmark TTF price on Friday 23 February , fell to €22.53 per MWh, the lowest level since May 2021, and marked a third consecutive weekly decline. European gas prices peaked in the summer of 2022, rising to over €300 per MWh.
Concerted efforts by EU countries to curb demand, as well as significant LNG imports from countries such as the US and successive warm winters, have helped ease crisis in gas supplies to Europe.
According to the European Commission, the share of pipeline Russian gas, which accounted for 40% of EU supplies before the invasion, has fallen to 8%.
