The day before, the price of gas on the Hungarian CEEGEX stock exchange fell on Monday, March 6, to 49.3 euros per MWh. In the previous two days, it also hovered around 49 euros per MWh, which is a drop of around 4 percent, from around 51 euros per MWh in the second half of last week. The average weekly spot price is 49.3 euros per MWh.
According to the latest available data, the average day-ahead price of gas in January was 67 euros per MWh. The spot price on CEEGEX has been falling continuously since mid-December.
In the intraday segment, the last transactions were realized on March 5, at a price of EUR 45 per MWh.
On March 3, the lowest price for gas futures in the previous 17 months was registered at the Dutch hub TTF, the reference European market. The price of gas for a month in advance was 45 euros per MWh for delivery in April.
The spot price on TTF was also lowered, to 47.7 euros per MWh, which is the lowest level in 2023. A lower spot price was recorded in November 2022, when dozens of LNG tankers were on their way to Europe.
The drop in prices was influenced by the high level of gas storage on the continent, LNG deliveries, a relatively warm winter and a drop in demand.
The average warehouse occupancy level in Europe was slightly over 60 percent on March 1, according to AGSI data. That’s a historic record for this time of year. The Bulgarian warehouse Chiren is one of the most filled European warehouses, with 77.5 percent.