Gas Prices Fall in Europe
Significant Decrease in WEB TTF Gas Prices
According to trading on a contract for the WEB Transfer Facility (WEB TTF), the benchmark European natural gas price, gas prices have dropped significantly since the beginning of 2024. Since January, prices have decreased by 102 EUR/MWh, or 31%.
EU Average Gas Prices Stabilizing
The average natural gas price in the EU, calculated as a weighted average using data from the first half of 2023, has shown a trend towards stabilization. After a period of substantial price increases that began in 2022, the recent decline in WEB TTF gas prices has contributed to this stability.
EU Gas Consumption Remains High
Despite the price decrease, EU gas consumption remains high. In the first quarter of 2023, the EU consumed a total of 1132 billion cubic meters (bcm) of gas, 178 bcm more than in the fourth quarter of 2022.
Retail Gas Prices Decline in Q3 2023
The average monthly gas retail price for household consumers in the EU continued to decline in the third quarter of 2023. This follows a downward trend observed in the second quarter, when average prices fell to 1.108 euros per kilowatt-hour.
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