EEuropean natural gas became significantly cheaper on Monday. In the morning, the price of the TTF futures contract for Dutch natural gas fell by a good 5 percent to 172 euros per megawatt hour. On Friday it was around $188. The TTF contract serves as a guideline for the European price level.
At the end of August, the price had risen to over 300 euros. However, despite the current decline, prices are at historically high levels.
The countries in Europe have recently managed to fill up their reserves quickly. The storage level in Germany was recently over 90 percent. The large deliveries of liquefied natural gas provide relaxation.
As a result, fears of supply bottlenecks in winter have diminished somewhat. They came up because Russia practically no longer pumps gas to Germany.
Federal Chancellor Olaf Scholz also traveled to the Gulf region at the weekend to expand cooperation on energy supply. In the United Arab Emirates, the energy company RWE signed a contract for the first delivery of liquid gas on Sunday. An agreement on multi-year deliveries from 2023 was also signed.