Gas prices in Europe have been falling for eight consecutive weeks, the longest price drop since 2007. In this respect informs Bloomberg agency.
Gas futures in Europe fell for the eighth week in a row – the longest period of price declines since 2007. According to the institution, the main reason for this is the decrease in demand due to rising inflation and negative forecasts in the global economy.
The publication stated that the main demand from the sector, which could not increase its production due to the continuous increase in prices and pessimistic expectations for economic growth, decreased.
According to Bloomberg, the Chinese economy is recovering much more slowly than analysts had predicted and there has been no sharp fuel demand. Therefore, the largest buyers in China have begun to abandon the liquefied natural gas (LNG) market and resell their fuel batches.
May 26, Bloomberg refers to attendees of the annual E-World energy fair in Essen, Germany. reportedHe said that gas prices in Europe could turn negative for a short time in the summer, meaning that sellers will pay buyers extra.
Previously, Interfax cited WindEurope data and prices at its TTF headquarters, reporting that gas prices in Europe fell 9% to $279 per thousand cubic meters due to the increase in production from wind farms in Europe.