Gas prices continued their slide in the first trading days of the new year thanks to unusually mild winter temperatures in Europe, falling to their lowest level since November 2021.

Wholesale gas prices in Europe have fallen to their lowest level since November 2021 due to unusually mild temperatures. The reference futures contract TTF on the energy exchange in the Netherlands fell 9.3 percent on Wednesday afternoon to 65.59 euros per megawatt hour for February.

The gas price thus continued its downturn: earlier in the week, the TTF had fallen to its lowest level since February 21, 2022. “As long as the forecasts do not indicate a wintry climate, renewed losses seem likely,” said analysts from Energi Danmark.

The gas price had risen from autumn 2021. After the start of the Russian war of aggression against Ukraine on February 24, it continued to increase in leaps and bounds. On March 7, the TTF reached its previous high of 345 euros per megawatt hour. At the end of August, the price was almost as high, at just over 342 euros.