Natural gas prices in Europe are set to end February with the largest price drop in a year, alongside a record trading volume, as market participants adjusted their expectations after a month full of volatility.
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Gas prices fluctuated, influenced by efforts from U.S. President Donald Trump to end the war in Ukraine, as well as ongoing discussions within the European Union about refilling gas storage, which had reached their lowest levels since 2022, according to Bloomberg.
After reaching their highest level in two years in early February, gas prices fell throughout most of the month, heading toward a 13% drop on Friday. On February 27, approximately 11.5 million futures contracts for standard natural gas trading and options were traded on the "Intercontinental Exchange" (ICE), setting a new monthly record. The total number of outstanding options contracts also hit an all-time high earlier in the month, according to exchange data.
On the final day of the month, April futures contracts on the Dutch exchange—Europe’s gas price benchmark—rose by more than 2%, continuing their increase after reaching their lowest level in two months earlier this week.
Traders continue to monitor efforts aimed at ending the war and are betting on the possibility of Russian gas flows through pipelines to Europe resuming soon.
On Friday, Dutch gas futures contracts for April delivery, which are viewed as an indicator of gas prices in Europe, rose by 2.8% to €46.41 per megawatt-hour.
