European natural gas prices fell back into their normal trading range for the first time since the start of the energy crisis on Thursday, falling below €30 per megawatt hour to reach the lowest level since June 2021.
The price of benchmark TTF fell as low as €29.75/mwh, down more than 8 per cent on the day, to levels last seen before Russia started squeezing Europe’s pipeline gas supplies ahead of its invasion of Ukraine. TTF later rose slightly to close at €30/mwh.
The low prices are in stark contrast to last summer, when TTF soared to more than ten times its normal level, peaking above €340/mwh after Russia slashed gas exports to Europe. The decline highlights how Europe has largely overcome the worst of Moscow’s weaponisation of energy supplies.