The wholesale natural gas price has dropped back to its August 2021 level, prior to the Russian invasion of Ukraine and the ensuing energy crisis. The price for next year’s natural gas supplies has dropped to 28.45 euros per megawatt hour. That is the lowest level since August 2021.
The price of natural gas peaked in autumn 2022, when Europe reduced imports from Russia in the wake of Russia's further invasion of Ukraine. Afterwards, gas prices fell again.
Gas stocks turned out to be sufficient. There are sufficient supplies of liquefied natural gas (LNG) and there is also less demand for natural gas due to poor industrial demand, mild temperatures and a rising supply of renewable energy.
With prices at their lowest level since 2021, energy trader Matthias Detremmerie, says "the energy crisis has basically been digested." You can track gas prices on the Elindus website .
Despite the drop to pre-crisis price levels, specialists believe Europe remains very vulnerable to supply shocks, for example if demand were to increase suddenly due to an industrial recovery.