Another defeat of the Russian Federation: the cost of gas in Europe has updated the minimum

The European Union on March 18, for the first time since the beginning of January 2023, pumped more gas in storage than it was spent. This indicates the gradual completion of the heating season. Natural gas in Europe on Monday, March 20, 2023, cost below $ 450 per thousand cubic meters. This is evidenced by the data of the London Ice Exchange. Yes, futures on the Hab TTF in the Netherlands fell by 7%-to 39. 8 euros per megawatt-hour.

Prices fell lower than 40 euros per megawatt-hour for the first time since July 2021. According to Expro Consulting, gas is cheaper due to low consumption against the background of warm weather and stable gas supply. For example, during the Gas Age on March 18, the European Union for the first time since the beginning of January 2023 has pumped more gas than it was spent. This indicates the gradual completion of the heating season. At the same time, as of 55.

7%as of March, the underground gas storage facilities are filled with about 59 billion cubic meters. m of gas, which is the highest value on this date in the last decades. In early March, the head of the European Commission Ursula von der Liaien stated that the European Union was no longer as much dependent on Russian energy resources as it was before Moscow's full -scale invasion of Moscow.

According to the politician, 80% of exports of fuel from the Russian Federation were completely replaced by supplies from the US and Norway. At the same time, according to Eurostat data, from August 2022 to January 2023, gas consumption in Europe decreased by 19%, compared with the average in the same period in the last five years. And some European countries have reduced gas consumption by 40-50%.