For the second day… gas prices continue to decline in Europe

Natural gas futures prices continued to decline for the second day in a row on Tuesday, in light of the decline in fears of short-term supply shortages, and the return of traders’ focus to storage conditions next summer.
Bloomberg News Agency reported that standard futures prices fell today after falling by approximately 5% yesterday due to the severe cold wave affecting most regions.
She pointed out that prices rose to their highest levels in 14 months in last week’s trading after the halt of pumping Russian gas through pipelines that pass through Ukraine at the beginning of this year.

Pumping Russian gas through Ukraine

Warren Peterson and Ewa Manthey, analysts at ING Group Financial Services, said the hype surrounding the halt of Russian gas pumping through Ukraine has subsided and speculators who made record net long-term investments over the past year may begin to discount some risks.
By 12:30 noon in Amsterdam, the price of standard contracts for next month’s delivery fell by 2% to 46.30 euros per megawatt.
Bank of America expects gas prices in Europe to continue to remain below the high levels they recorded in the past period until the end of this year, but these expectations appear less pessimistic about prices than the prevailing consensus in the market, according to Christopher Coblent, head of the European energy market research department at the American bank. .