Natural Gas EU Prices

Natural gas EU prices averaged USD 13.24 per MMBtu in March, down 13.7% from February. On 31 March, the commodity traded at USD 12.87 per MMBtu, down 4.7% from 28 February.

The drop reflected seasonality, with spring bringing milder temperatures and lower heating demand. In annual terms, prices were up by over 50%, with European storage on 31 March at 34% full (five-year seasonal average: 45%) due to the loss of flows via Ukraine and the first cold winter since Russia’s invasion of Ukraine in 2022.