European natural gas falls for a fourth day as US supplies are expected to bring relief to the tight market and traders weighed both milder weather and risks to demand from the Omicron virus variant.
Gas has whipsawed in recent days, soaring to record levels above 180 euros ($203.59) a megawatt-hour last Tuesday following a sharp drop in Russian flows. That’s 10 times higher than year-earlier prices. It slumped to about half that level on Monday — and is heading for the longest declining streak in two months — as shipments of liquefied natural gas head to Europe, easing an energy crunch that’s forced heavy industries to curb output.
“As we enter the closing stages of 2021, the European energy complex shows no sign of calming down for the holiday period,” consultant Timera Energy said in a report. “Industrial demand has been struggling in response, with metals and fertilizer producers having to curtail production.”