European Gas Steadies as Hot Summer Worries Offset Ample Supply
- Wind output in the UK expected to increase from Friday
- Strong imports of LNG, storage levels have kept a lid on price
A wind park near Pinnow, Germany.
Photographer: Sean Gallup/Getty Images
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European natural gas prices steadied at the lowest level in almost 22 months, with traders weighing signs of a supply glut against forecasts of a searing summer that could bolster fuel needs.
Scientists at the Copernicus Climate Change Service see a probability of more than 60% that temperatures across Spain, France and Italy will be well above average from June to August, according to an outlook this week. That could mean higher fuel demand to power air conditioning, just as energy companies try to replenish gas inventories ahead of the winter.