In the European markets on Thursday and Friday was a collapse of natural gas prices. Quotations once again broke records on price reduction. For example, on the Dutch TTF, weekend prices on 1-2 June were set at 10 Euros per megawatt, the lowest since 2016. The overall decline in TTF spot prices since 29th May was around 20%. All the key European hubs, not only in the spot market but also in the futures market, picked up this trend.

In Western Europe, prices fell on Thursday due to the increase in average daily temperatures and high wind power, which resulted in increased wind power capacity and reduced demand for gas from gas-fired power plants. All this is happening against the backdrop of filled storage facilities and a steadily high flow of LNG from the United States. Thus, on Wednesday, according to the U.S. Department of Energy, the American liquefied natural gas was renamed to "Freedom Gas", the supply of which "provides allies of America with an affordable source of energy". Even against the background of the price reduction, a significant reduction of American gas supplies to Europe in the near future is not expected.

"In 2019, we are seeing an anomalous decline in gas prices. For example, in October last year, the quotes of European hubs reached 30 Euros per megawatt, now three times less. Europe is a classic example of a highly competitive market, where the price responds quickly to any changes in demand or supply. At the Ukrainian Energy Exchange, the price was halved in the same period - from 12400 to 6700 UAH per thousand cubic meters. And although the liquidity of the Ukrainian market is much lower than liquidity at European hubs, the relationship in the dynamics of price changes is clearly visible, mainly due to the provision of a free wholesale gas market at the expense of imported raw materials", - comments member of the Exchange Committee Inna Shcherbyna.