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European Gas Slumps as Bloc Prepares Details for Intervention

  • EU this week to outline concrete measures to address crisis
  • Goldman Sachs sees prices halving by first quarter 2023
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WATCH: EU energy ministers called for urgent measures to rein in prices and provide liquidity to the market on Friday. Maria Tadeo reports.Source: Bloomberg
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Natural gas prices fell as the European Union started outlining details of its intervention into an unprecedented energy crisis, including a proposal for targets to reduce electricity demand. Power prices also slumped. 

Benchmark gas futures declined as much as 9.3% to the lowest in a month. Still, prices remain almost eight times higher than normal for the time of year. Goldman Sachs Group Inc. expects they will halve from current levels sometime in the first quarter of 2023.