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Bloomberg
European natural gas prices fell to the lowest level since September 2021 as confidence grows for energy stability in the region through the remainder of winter.
Benchmark futures slid as much as 4.8% to about €51.39 per megawatt-hour. Sweden downgraded its risk of power cuts to “low†in a sign that the worst of the region’s supply crisis has passed — at least for now. Power prices also declined.
The slump illustrates a remarkable turn of events for Europe, which just six months ago saw gas prices above €300 as countries braced for winter rationing and blackouts. That hasn’t occurred, due to mild weather and steady imports of liquefied natural gas to make up for lost pipeline flows from Russia. Inventories are now much higher than usual for the time of year.