Natural gas prices declined every day for more than a week. At the end of last week a significant prices decrease was observed at the European hubs. Thus, gas price with a supply on weekends June 1 -2 at TTF was at the level of 10.013 €/MWh. This figure is the lowest since 2016. At the same time, gas price at GPL was 9.250 €/MWh during the same period, at NCG – 10.099 €/MWh, CEGH – 12.922 €/MWh. In total, prices fell by 20% in a week.
The slump in gas prices resulted from several aspects. Among them, it is worth noting the consistently high average daily air temperature. In addition to favorable weather conditions, prices were affected by loaded underground gas storage facilities and high levels of US LNG supplies.
It should be noted that in the same period of 2018, gas prices in Europe were about 22-23 €/MWh, twice as much compared to the beginning of June 2019.
At the Ukrainian Energy Exchange according to the results of all previously signed agreements, weighted average natural gas price was put at the level of 6664.67 UAH/thousand cubic meters in June.