European gas market quarterly review: Europe remained the most attractive gas market

European gas consumption continued to fall below the five-year average trend line in the first quarter of 2023. However, there was a 19% rebound from the previous quarter’s gas consumption. Year-on-year, gas consumption fell by 13%. Wholesale gas prices continued their downward trend from the all-time high of 320 €/MWh recorded on 26 August 2022. The quarterly average spot price for January to March was 53 €/MWh, representing a 44% decrease from the previous quarter’s average (95 €/MWh) and a 45% decrease year-on-year (97 €/MWh). This was also a 73% drop from the peak (198 €/MWh) in the third quarter […]