The price of gas in Europe returns to pre-crisis levels
29/04/2024
The price of gas in Europe returns to pre-crisis levels, falling below 23 euros per Megawatt hour. And it just so happens that this happens exactly two years after the start of the war in Ukraine.
A coincidence of high symbolic value, but a coincidence nonetheless.
Gas at pre-crisis levels, however, does not mean at a two-year low: fuel has not traded at these levels at the TTF, the Dutch hub that acts as a reference for the Old Continent, since May 2021. So almost three years ago. Moscow's troops violated the Ukrainian borders only on February 24, 2022, but tensions on the market had already begun some time ago, triggered by apprehension over the too low level to which stocks had fallen and by the first tightening by Gazprom, which had stopped offering additional volumes compared to those guaranteed by the contracts.
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