TTF front-month gas price drops to lowest level since August 2021
The TTF front-month gas price dropped to its lowest level since August 2021 on March 3, €44.98/MWh ($510/'000 m3), amid forecasts of continued warm weather and robust LNG supply.
The contract dropped even further in early trading on March 6, to €43.75/MWh. Meanwhile, EU gas storage facilities were 59.2% full as of March 4 – a historic high for the time of year.
Europe has withstood a drastic cut in Russian gas supply over the past year thanks to an unusually mild winter, increased LNG supply, demand reduction and a concerted EU effort to boost storage volumes. With spring approaching, attention has now turned to how the continent will get through next winter. The April-June period will be key for determining how well Europe is prepared for the next heating season, the head of French energy company Enel said in late February.