{"id":109355,"title":"Gas prices decline as European storage hits an all-time high.","publisher":"Share Talk","author":"sharetalk","published":"2023-08-08T09:41:18+00:00","modified":"2023-08-08T09:41:18+00:00","canonical_url":"https://www.share-talk.com/gas-prices-decline-as-european-storage-hits-an-all-time-high/","markdown_url":"https://www.share-talk.com/gas-prices-decline-as-european-storage-hits-an-all-time-high.md","json_url":"https://www.share-talk.com/gas-prices-decline-as-european-storage-hits-an-all-time-high.json","category":"Blogs","categories":["Blogs","Energy"],"tags":["china","EU","European","European Union","exports","Far East","G7","gas","Japan","Liquified","LNG","Russian","Sakhalin-2","Saul Kavonic","Share Talk","South Korea"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2023/11/Stencil-Google-Chrome-2023-04-19-at-2.47.43-PM.jpeg?fit=1231%2C615&ssl=1","format":"news","language":"en-GB","content":"European natural gas prices are seeing a reduction due to the continually growing fuel reserves.\n\nBenchmark futures saw a drop of up to 3.2%, after an increase in the prior session.\n\nThe subdued demand following the energy crisis last year, combined with high storage levels, is helping maintain stable prices.\n\nFuel reserves in the European Union are currently over 87% full, marking the highest for this period, as per Gas Infrastructure Europe.\n\nThis figure is nearing the EU’s set goal of 90% by November, a move to decrease dependency on Russian energy after the conflict in Ukraine.\n\nCountries such as Spain and the Netherlands have already surpassed this target, with Germany and Italy approaching it rapidly.\n\nDutch front-month futures, which are the benchmark for Europe’s gas, recently traded at a 2.3% decrease, pricing below €30 per megawatt-hour. The UK’s corresponding contract saw a 1.5% dip."}