The cost of gas in Europe fell by 13%

In April, the average price of gas in Europe fell by almost 13% compared to March, amounting to about $410 per thousand cubic meters, according to the London stock exchange ICE. The average price of the nearest futures this month reached $408.2, which is 12.7% lower than the March level. This decrease is due to the end of the heating season. 

However, in annual terms, the price of gas increased by 27.2% in April. Earlier, from October to March, there was an increase in the average monthly cost of gas, and in February the maximum for two years was recorded – about $540 per thousand cubic meters. This jump is explained by demand during the heating season and the uncertainty of supplies from Russia.

Last year, the average price of gas futures on European stock exchanges was $386.5 per thousand cubic meters, which is 16.3% lower than a year earlier. Record gas prices fell in 2021-2022. This level has not been observed since the establishment of gas hubs in Europe in 1996. The historical maximum of $3,892 per thousand cubic meters was reached in the spring of 2022.