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European Gas Slumps to €100 on Mild Weather and Ample Supplies

  • Benchmark futures have lost more than 70% from summer peaks
  • Maxar forecasts warm start to the heating season will continue
Updated on

Natural gas in Europe dropped below €100 per megawatt-hour for the first time since June as unusually warm weather and ample supplies ease fears of shortages this winter.

Benchmark futures finished 13% lower on Monday, and have slumped more than 70% from the peaks of August. High temperatures are expected to remain into next month, delaying the heating season and allowing storage sites to continue to be filled. The fuller-than-usual reserves would provide the buffer needed for when the weather inevitably turns cold.