The reference price for natural gas TTF (Address Transfer Facility) on Monday was 14:10 at €121.1 per Megawatt-hour (MWh), and has been on a downward trend since March 7.

It is noteworthy that the price of natural gas on March 7 reached historic levels exceeding 345 euros per megawatt hour.

In an analysis of the conflict period, the price of natural gas reached 88 euros per megawatt-hour the day before the Kremlin attacked Ukraine, having jumped on February 24 to 132 euros per megawatt-hour. Since March 25, there has been a steady rise to an all-time high.

Now at €121.1 per megawatt-hour, the price of natural gas is closer to the value recorded before the start of the war, while maintaining a downward trend.

Energy prices soared in Europe after Russian forces attacked targets across Ukraine, prompting Western governments to pledge more sanctions in response. Russia launched a full-scale invasion of Ukraine after President Vladimir Putin pledged to “disarm” and “disarm” the country and replace its leaders.

It is reported that at the end of 2021, natural gas reached record levels of 180 euros per megawatt-hour, a figure that was largely exceeded during the conflict.

With Russia being the main source of gas in Europe, a European-wide energy crisis is looming, affecting prices not only for gas, but also for electricity and oil.