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Warmth Drags European Gas to Biggest Weekly Drop Since September

  • Benchmark futures fell for sixth day, losing 28% for the week
  • Mild weather forecast for most of Europe through the holidays
Updated on

European natural gas posted its biggest weekly decline since September, driven lower by mild weather which is expected to remain over most of the region during the holiday season.

Benchmark futures closed 9.8% lower on Friday, losing 28% for the week. Temperatures are forecast above-average through early January in many parts of Europe, easing pressure on energy systems. Plentiful supplies of liquefied natural gas, fuller-than-normal inventories and a typical year-end slowdown in industrial demand are also helping push prices down.