Gas In Europe Has Fallen To Its Lowest Price Since 2021

Steady LNG imports help build up reserves for winter.

Short-term fluctuations in gas prices on the European market have reached the lowest level in almost four years. Supply outweighed concerns about a possible rise in global demand for the blue fuel.

The Bloomberg writes that benchmark futures rose slightly on Thursday, July 10, and the 10-day volatility index remained at September 2021 levels.

Bigger-than-normal imports of liquefied natural gas and relatively subdued spot demand for the fuel in China are keeping prices in check after turbulence in June. For now, Europe is managing to attract enough supplies to build up stocks for the heating season, an effort traders are tracking.

The risks remain, however, as much of July is expected to be hotter than normal across Europe, which could lead to higher gas consumption to meet increased demand for cooling energy. Demand pockets are also appearing in North Asia and South America.

In Europe's largest economy, Germany, demand for gas and coal-fired power is expected to rise this month due to a lack of wind.

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