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After almost a year and a half, the price of gas in Europe falls

2023-02-17 16:06:00, Kosova & Bota CNA

After almost a year and a half, the price of gas in Europe falls

The price of natural gas in Europe fell below 50 euros on February 17, for the first time in almost a year and a half.

The price of standard gas in the Dutch TTF fell to 48,775 euros per liter. This price level was last seen in August 2021, which is almost seven times lower than the high gas prices were after Russia launched its invasion of Ukraine almost a year ago.

"European gas prices have fallen by 50 percent since November last year thanks to the hot weather... competition with China when the Zero-Covid strategy was still in force in this country," said UniCredit analyst Edoardo Campenella.

China lifted restrictions in response to the coronavirus pandemic in December last year, but the country has yet to increase its gas demand.

After the start of the Russian invasion of Ukraine, Western countries have been forced to supply gas from other countries, not from Russia, which is a large producer of this product.

Since then, Norway has become Europe's main supplier of gas.

The conflict in Ukraine has caused turmoil in the global economy, increasing energy prices and inflation./REL





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