Wholesale gas prices trade below pre-war levels

Two years ago, prices of wholesale gas were trading at about €20 when the European market was supplied by vast amounts of cheap gas from Russia.

European wholesale gas prices rose slightly in the session, but continue to trade below levels set before the Russian invasion of Ukraine, signalling potential good news for the outlook for inflation. 

The price for delivery of gas in February at €85 per megawatt hour compares with the record high contract price of €343 during the summer, but were below the €88 price on the eve of the invasion of Ukraine by Russia.