Natural gas prices in Europe and the United States have tumbled to levels last seen before Russia sparked a global energy crisis by invading Ukraine.
Wholesale European gas prices, as measured by the benchmark Dutch futures contract, have dropped almost 48% since mid-December to trade at €71 per megawatt hour on Friday — roughly where they stood on February 15 last year, a little over a week before Moscow’s unprovoked assault on its neighbor. Prices are now nearly 80% below their all-time August high of €346 per megawatt hour.
The continent has also raced to build the facilities needed to receive LNG via ships and convert it into gas that can be transported through pipelines. Germany, the bloc’s biggest consumer of gas, recently opened two regasification terminals, and plans to bring another two online in the coming days, Gloystein said. Still, as the continent looks to fill its stores ahead of next winter with very little Russian gas, problems could arise.
Singapore Latest News, Singapore Headlines
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