Gas futures on June's index of Europe's largest hub, TTF, fell in price to a two-year low in trading on May 25.
The price dropped below $300 per thousand cubic meters, which happened for the first time since May 20, 2021. According to the ICE, at the lowest point the price fell to $297 per thousand cubic meters (about minus 4% since the beginning of the day). By the time the news was published, the fuel was trading at $299.
Gas has been steadily getting cheaper in Europe since September 2022. After exports through the region's key supply route, Nord Stream, were halted, gas prices soared to $3,500 per thousand cubic meters. Since then, however, the price of fuel has fallen tenfold.