MOSCOW, May 18. /TASS/. The price of gas in Europe dropped below $350 per 1,000 cubic meters for the first time since June 7, 2021, according to London’s ICE. Prices fell by more than 3% over the day.

The price of June futures at the TTF hub in the Netherlands fell to $343.7 per 1,000 cubic meters or 30.7 euro per MWh (based on the current EUR/USD exchange rate, ICE prices are presented in euro per MWh).

The price of gas in Europe is falling amid high gas storage occupancy, record LNG inflows and warm weather. The storage occupancy exceeds 64%, and LNG supplies from terminals into the gas transmission system of Europe in April reached an all-time high of 12.07 billion cubic meters. Record LNG flows in Europe persist in May.