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European natgas prices go down amid active storage refilling
Natural gas prices in Europe are on the decline, plunging to as low as €35 per megawatt-hour. According to trading data on Tuesday, energy prices fell by 4% after the holiday weekend. As Zenergi analysts believe, liquefied natural gas (LNG) supplies and warming weather, both exceeding seasonal norms, are contributing to market stabilization.
Against this background, European gas storage reserves are getting replenished after the winter heating season. The market has moved into a slight contango, with future supply prices exceeding those for immediate supplies. This creates an economical basis for restocking, according to Zenergi. Nevertheless, traders are in no hurry to buy, expecting a more sizable gap between prices of current and future supplies, which would make reserve refilling more profitable.
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