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European Natural Gas Prices Drop to Near 3-Week Low on Rising Supply

  • LNG arriving at European terminals is starting to enter grids
  • Pricey energy forced factories to shut down, curbing demand
Germany's Gascade Gastransport GmbH Gas Compressor Station
Photographer: Liesa Johannssen-Koppitz/Bloomberg
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European gas prices slumped for a sixth day, the longest losing streak in more than a year, as cargoes of the liquefied fuel head to the continent just as industrial shutdowns and warm weather curb demand.

Futures fell as much as 9.9% on Wednesday as a flotilla of U.S. LNG cargoes headed to the region, while several vessels that were sailing to Asia have now diverted to Europe. More supplies are coming after record prices earlier this month forced factories to halt or slow output, curbing demand just as the continent faces unseasonably warm temperatures.