European natural gas prices have fallen back to normal trading levels for the first time since Russia’s invasion of Ukraine, delivering a blow to Vladimir Putin in his energy war.
Dutch front-month futures, the continent's pricing benchmark, slipped below €30 per megawatt hour on Thursday and again briefly today to reach the lowest level since June 2021.
Europe's energy market is finding a lower limit after a seven-week streak of declines, the longest in six years driven by stable supply, mild weather and stronger renewable generation.
Europe began the refilling season for gas storage with already high storage levels after the mild winter which has helped to keep a lid on prices.
Energy Aspects analysts said that recent injections mean Europe is on track to fill sites by early summer, which is a significant downward risk to late-third quarter prices.
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