European gas prices fell to their lowest level since November 2021 on Wednesday. Favored by the mild weather, gas prices are continuing their recent slide. On Wednesday, the futures contract TTF for the delivery of Dutch natural gas in one month was temporarily only trading at 64.22 euros per megawatt hour (MWh). That is around 11 percent less than the day before.

At the beginning of December, the price was still at 159 euros per MWh at times. The record high was reached last summer at EUR 345 per MWh. At that time, a stop in the supply of natural gas from Russia triggered a rapid rise in prices.

A key reason for the falling gas price remains the comparatively mild winter temperatures in Europe, which are dampening consumption. Thanks to the recent mild winter, natural gas is still being stored in Germany. The development is also favored by the high availability of wind energy, so that less natural gas has to be converted into electricity.

According to the latest data from the European storage association GIE, the filling level in all German storage systems was 90.64 percent on January 2nd. Gas reserves are up for the 13th straight day after falling for several weeks.