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European natural gas prices fell to the lowest level in almost four weeks as confidence grows for stable power generation through the remainder of winter.
Benchmark futures slid as much as 4.5% before paring some of the loss. Sweden downgraded its power-cut risk to “low” from “real” in a sign that the worst of the region’s energy crisis has passed, at least for this season.
Europe’s fears of rationing and blackouts haven’t materialized due to a combination of factors. Mild weather curbed heating demand, while the continent raced to import liquefied natural gas to offset lost pipeline flows from Russia. Inventories are now much higher than usual for the time of year.
In addition, several nuclear reactors have returned to service in France, which has seen extended outages in its fleet. The return of Germany’s Emsland reactor before its final closure in April, along with a unit in Slovakia, has also been beneficial, according to Swiss trader Axpo Solutions AG.
Separately, the Freeport LNG plant in Texas has resumed shipments from tanks, a milestone toward full restart, which is yet to follow.
Front-month gas futures, Europe’s benchmark, traded 2.9% lower at €52.38 by 8:57 a.m. in Amsterdam.
