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Gas prices in Europe fell to historic lows

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due to limitations of production in Europe has increased dramatically balances of gas in storage, putting pressure on prices.

Gas prices in Europe fell to historic lows

After the collapse of the oil markets monthly average spot prices for gas in Europe has reached the minimum of many years, writes Monday edition of the Kommersant. So, for the first 20 days of March quotes on the most liquid European hub — TTF, the Netherlands — prices for natural gas fell to 102 USD per 1 thousand cubic meters (approximately 9,0587 euros for 1 MW•h), and 19 March prices fell to a minimum of 90,3 USD for 1 thousand cubic meters. The April futures is trading at 104,7 USD per 1 thousand cubic meters.

as a result of strict quarantine measures, the epidemic of the coronavirus gas consumption in the European Union may fall to multi-year lows — so, the Italian authorities have already announced to stop the whole industry, also essential. Gas reserves in European storage reached a record since 2012 the level of 54 billion cubic meters, although it was expected that after renegotiating the contract for the transit through Ukraine, they will begin to decline.

oil Prices also continue to fall in all markets. The cost of may futures for Brent crude on London's ICE Futures exchange to the 07:32 is 26,04 USD per barrel, 0.94 dollar (of 3.48%) below the closing price on the previous trading session. At the end of trading on Friday dropped in price by 1.49 dollar (5.2 percent), up from 26.98 USD per barrel.

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