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The Financial Times points out that the fall in European whosesale gas prices came after warmer than usual temperatures across northwest Europe, which are expected to linger into the new year.
As the warm weather reduces heating demand, Europe has been able to build up its gas inventory again after drawdowns from mid-November, including during the cold snaps in the early weeks of December.
Since Christmas Eve, Europe has been sending more gas into its storage facilities than it has taken out of them, with storage levels increasing 0.28 per cent to Monday. Capacity stood at 83.2 per cent full as of December 26 — down from the mid-November high of 95.6 per cent, according to industry body Gas Infrastructure Europe.
