Warm winter eases EU gas crisis

The wholesale price of natural gas in Europe has fallen to a 17-month low of just over €60 per megawatt hour, down more than 82% from a peak of almost €340 in late August


Dutch TTF Natural Gas Futures (weekly average, € per MWh)
Temperature relative to pre-industrial period (1850-1900)

Jan 10, 2020 €13.3

Apr-May 2021: Unseasonably cold weather pushes price up

Oct 1: €108.6

Dec 17: €154.3

Feb 24, 2022: Russia invades Ukraine

Mar 4: €210.4

Jul: Price surges as Russia cuts supplies to Europe

Aug 26: €338.5

Dec 19-Jan 16: North-West Europe enjoys 29 consecutive days of above-normal temperatures

Jan 17, 2023: €60.1
82.2% down since August


+1.24°C	+1.26°C	+1.11°C	+1.16°C			

350
300
250 
200 
150 
100
50
O
	2020	2021	2022	'23


Sources: Bloomberg, ICE, Met Office 
Picture: Getty Images 
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