European Gas Tumbles in Longest Run of Weekly Losses Since 2007
- Month-ahead contracts have fallen for eight consecutive weeks
- Economic activity has yet to show signs of meaningful recovery
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European natural gas prices are heading for their longest run of weekly declines since 2007, with demand proving stubborn to return as the economy shows few signs of a meaningful recovery.
Benchmark futures tumbled as much as 6.9% on Friday, posting an 19% weekly loss in the eighth consecutive week of declines. Prices extended this year’s slump to 68%. The dramatic fall comes after industries have struggled to increase production amid persistent inflation and a gloomy economic backdrop.