European gas moderating slightly: press

European natural gas prices fell December 27 for a fourth consecutive day, Bloomberg news agency reported, on the back of the expected arrival of new shipments of LNG from the US and milder weather.

From record levels above €180/MWh (US$203.59/MWh) early last week as flows from Russia slumped, prices fell to about half that level on December 27, Bloomberg reported. Front-month contracts on the Dutch TTF exchange fell by as much as 19%, to €90/MWh, and settled 3.2% lower.

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Power rates were also down: 36% in Germany and 28% in France, the news agency said.

More LNG is heading to Europe, Bloomberg said, as Asian buyers are foregoing paying high spot prices and opting instead to use their inventories to meet winter demand.

Milder weather forecast for much of Europe is blunting demand, and uncertainty remains surrounding the impact the Omicron variant, which is spreading rapidly around the world, could have on demand.