EU gas storage hits record high in blow for Putin

European gas storage has reached an all-time high for this season, while natural gas prices fell for the third day due to ample supplies and milder weather.

According to Deutsche Bank Research, EU gas storage is now at 75%. This has gone from the lower end last winter when Russian gas was flowing to the upper end this winter when almost no Russian gas has flowed.

In the meantime, benchmark Dutch gas futures fell as high as 4.8pc today. They have fallen 31pc over the past month.

In the last few weeks, fuel prices have been impacted by strong LNG shipments and healthy gas stocks — which are well beyond normal due to lower consumption and a mild winter.

As Moscow is already constrained by the G7/EU price caps on oil, the fall in prices will limit Kremlin’s revenues.

Expectedly, demand will ease in the coming days. Temperatures are expected to rebound after a cold snap.

As a key US export terminal is reopened, there are also high expectations for more liquefied gas.

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