Europe Gas Slides as Storage, EU Steps Cut Risks for This Winter
- EU demand is likely to drop by record 10% this year, IEA says
- Ministers last week agreed an initial package to tackle crisis
Questions remain about Europe’s ability to replenish storage sites next year in the absence of the usual volumes of Russian supply.
Photographer: Krisztian Bocsi/BloombergThis article is for subscribers only.
Natural gas prices in Europe fell amid signs the continent will be able to navigate this winter with sufficient inventories, an influx of LNG and steps taken by the European Union to contain the crisis.
Benchmark futures declined 10%. European demand is likely to fall by a record 10% this year, and another 4% next year due to high prices, according to the International Energy Agency. Gas saving measures will be crucial to help stretch inventories to the end of winter even with dwindling Russian supply, it said.