Sundaymail Editor
European natural gas declined as the winter’s first cold wave neared an end, while European Union leaders pushed for a deal on capping prices.
Benchmark futures dropped as much as 10 percent on Friday, and were headed for a weekly decline after four straight increases.
The chill has been forcing gas draws from storage to meet rising demand, but reserves remain fuller than normal.
Germany’s economy ministry said it was not concerned with the pace, and that security of supply was assured.
Inflows of liquefied natural gas are at the highest level for the time of the year, further cushioning the impact of the chilly weather.
Demand could ease with wind power generation forecast to increase in coming days in Britain and Germany, while milder temperatures early next week will also bring some respite before another cold wave around Christmas. – Bloomberg
Bongani Ndlovu
Online Reporter