European gas price falls to monthly low below 28 euros per MWh

The wholesale price of gas for the European market fell today to a monthly low below 28 euros (around 670 Kč) per megawatt-hour (MWh). The continued growth in supplies from Norway is helping to drive the decline, Bloomberg reported.

The price of the key gas futures contract for delivery next month fell today to as low as 27.775 euros per MWh at the Title Transfer Facility (TTF), a virtual trading hub in the Netherlands. Shortly before noon, it was down by approximately three percent and stood slightly above 28 euros per MWh. The exchange price of gas has for some time been well below the administratively set cap in the Czech Republic, which is 2500 Kč per MWh.

Full operations at Norway’s giant Troll gas field are expected to resume on Thursday following extended maintenance work. High storage levels are also helping to bring gas prices down. However, high temperatures are boosting demand for gas as they lead to greater use of air conditioning.