European Gas Prices Fall to Fresh 21-Month Low on Subdued Demand
- Benchmark futures have declined about 50% so far this year
- LNG vessels on the water have edged higher in recent days
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European natural gas prices extended their slump as demand in the region remains subdued while the restocking of inventories continues ahead of next winter.
Benchmark futures settled at the lowest level since July 2021 on Tuesday, a marker previously reached late last month. While the euro area managed to avoid an energy-induced winter recession, recent economic data has underlined the patchy strength of its recovery, as well as deteriorating confidence among manufacturers.