For the first time in 1.5 years, gas in Europe costs less than $500.

The gas price at Europe’s largest TTF hub in the Netherlands fell to €45.4 per MWh (about $481 per thousand cubic meters), the lowest level since August 2021, tradingeconomics data showed. In February, gas prices in Europe fell by 18.6%. The price decline continues for the third consecutive month, and it is the most prolonged period of sustained price decline since 2020. The downward trend is the result of record volumes of liquefied natural gas imports from the US, the growth of electricity generation from alternative sources, and the overall 13% reduction of gas consumption. Also, due to a warm winter in Europe, storage facilities remain 62% full, which is higher than the 10-year average of 54% for this time of year.