Commodities
European Gas Erodes August’s Gains on Signs Rally Overdone
- Hefty inventories, steady imports are keeping a lid on prices
- Region remains vulnerable to global supply disruptions
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European natural gas prices erased a large part of August’s gains, with this month’s rally losing steam as traders gain confidence in the region’s supply balance ahead of the heating season.
Benchmark futures fell as much as 5.7% on Tuesday. That took prices to the lowest since Aug. 7, when prices reached what was then the highest level this year on Ukraine’s incursion into Russia near a key gas transit point.