The price of gas in Europe fell below $250 per 1,000 cubic meters for the first time since April 2021, according to data from London's ICE.

The price of March futures at the TTF hub in the Netherlands fell to $249.9 per 1,000 cubic meters or 22.34 per MWh (based on the current exchange rate of euro to dollar, prices for ICE are presented in euros per MWh).

Gas prices in Europe continue to decline amid large gas inventories and expectations of warm weather in the region in the coming week.

European UGS facilities are currently 64.69% full (16.76 pp higher than the average for this date over the past five years), containing 71.3 bln cubic meters of gas.