Gas price for the European market falls to a one-year low below 31 euros per MWh

The wholesale price of gas for the European market fell below 31 euros (roughly CZK 760) per megawatt-hour (MWh) ahead of a meeting between U.S. President Donald Trump and his Russian counterpart, Vladimir Putin. It reached its lowest level in a year, the DPA news agency reported.

The price of the key front-month gas futures contract at the Title Transfer Facility (TTF), a virtual trading hub in the Netherlands, was down around four percent at about 17:45 CEST, trading close to 30.90 euros per MWh.

A ceasefire in Ukraine is expected to be the main topic of Trump’s meeting with Putin. The meeting has prompted speculation about a possible easing of sanctions against Russia, which could affect the natural gas market.

Before the meeting, Trump expressed confidence that Russia was ready to end the war with Ukraine. At the same time, he threatened sanctions against countries that buy Russian oil if no progress is made in peace talks.

"The market is preparing for any outcome of the meeting between Trump and Putin," Ulrich Weber, an analyst at LSEG, said of today’s developments in the European gas market, according to Reuters.