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European natural gas prices slumped to the lowest level in more than three months as imports of liquefied natural gas and warmer-than-expected weather provide some relief to the market.
Benchmark Dutch front-month futures dropped as much as 7.8% to 144 euros per megawatt-hour, the lowest intraday since July 1.
LNG flows to northwest Europe are at their highest seasonal levels since at least 2016, according to data compiled by Bloomberg. Meanwhile, much of the continent is expected to see higher temperatures than previously forecast over the next two weeks, Maxar said in a report.
Those factors may assist European Union officials as they continue to seek ways to alleviate a historic energy crunch. While prices have dropped considerably from August highs, they remain elevated. Governments across the region are putting in place measures to brace for energy shortages this winter, due to curtailed flows of natural gas from Russia.
The EU’s executive arm is preparing several options for how to put a cap on prices. This may include negotiating a corridor for “decent prices” with reliable suppliers, a measure to curb costs within the market overall and a way to limit the influence of gas in electricity prices, Commission President Ursula von der Leyen said on Friday.
