European Gas Prices Erase Almost a Quarter of Value in July
- Storage levels, weak demand curbing prices, but risks remain
- Prices had surged in June on heat and unexpected outages
A gas meter in Corbera De Llobregat, Spain.
Photographer: Angel Garcia/BloombergThis article is for subscribers only.
European natural gas posted one of the biggest monthly drops this year as depressed industrial activity and strong inventories offset concerns about a spike in summer cooling demand.
Benchmark contracts declined 24% in July. Prices have plummeted about 63% this year, even after surging in June as heat blanketed parts of Europe and unexpected outages in Norway sparked worries about drawing down supplies before winter.