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Natural Gas Prices Plunge 18% in Europe

Published 2023-05-30, 08:16 a/m
Updated 2023-02-27, 04:15 a/m

Natural gas prices in Europe experienced a sharp decline, plunging almost 18% for the week amid ample inventories and sluggish demand in both Europe and Asia. The front-month futures at the TTF hub, the benchmark for gas trading in Europe, sank below 25 euros per megawatt-hour (MWh) on Friday. This significant drop represents a halving of prices since the start of the year, largely driven by a milder winter that led to European gas inventories surpassing the five-year average at the end of the 2022/2023 heating season.

In the United States, natural gas futures extended losses toward $2.2/MMBtu, down 15% for the week and down almost 51% for the year, driven by increased output, rising Canadian exports in the wake of easing fire conditions and revised forecasts indicating lower demand in the coming weeks.

The WisdomTree Natural Gas Fund, which tracks the performance of natural gas prices, lost -9.95% over the week, bringing its year-to-date performance to -54.90%.

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