European gas prices rose moderately, retreating from the lowest level since June 22, 2021, and exceeding the psychological mark of €30 per megawatt-hour. Since the beginning of 2023, prices have fallen by 60.7%. In addition, gas prices are preparing to record the 7th consecutive weekly drop, which is the longest series of declines in six years. Experts note that stable supply, mild weather and stronger renewable generation put pressure on prices.
However, there are opportunities for price increases in the short term, as hotter weather will increase the demand for cooling. More sunny and warmer weather is expected in most of Germany this weekend, while below-average temperatures are forecast throughout Spain.
Meanwhile, in the long term, gas prices are likely to continue to decline amid falling industrial demand, despite lower prices and significant LNG flows to Europe.
Now Dutch TTF Gas Futures are trading with an increase by 1.12%, at €30.12 per megawatt-hour.