European Gas Prices Drop to Six-Week Low as Supply Risks Ease
- Futures erase August’s rally, which at one point hit 2024 high
- Traders have gained confidence about Europe’s fuel supplies
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European natural gas prices plunged to the lowest level in six weeks as stronger renewable generation and weak fuel consumption helped calm the market ahead of the heating season.
Benchmark futures closed 5.5% lower on Tuesday, erasing three sessions of consecutive gains. Prices settled at the lowest since July 30 — before Ukraine’s incursion into Russia’s Kursk region, near a key gas point, roiled markets and sent futures to a 2024 high.