European Gas Posts Biggest Weekly Drop Since May as Stocks Rise
- Benchmark front-month Dutch futures end week down 9.8%
- Muted demand, high stockpiles offset supply risks, hot weather
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European natural gas prices posted their biggest weekly drop since May as rising inventories and lackluster demand outweigh supply and weather-related risks.
The benchmark front-month contract edged higher on Friday, but still ended the week down 9.8%. Works at Norway’s Troll gas field were extended again, adding to the strain on Europe’s supply. Still, the continent’s storage facilities are already almost 79% full, well above the seasonal average.