European gas prices fell to their lowest level in a month on July 12, as production at Norway’s Troll oil and gas field was about to resume and demand for natural gas remained sluggish.
Benchmark natural gas futures in the Netherlands fell as much as 2.8%, extending losses for the week. Higher-than-usual inventories on the continent helped keep natural gas prices in check even as hot weather gripped parts of Europe and boosted cooling demand.
Meanwhile, natural gas supplies in Norway continued to edge up, with traders keeping an eye out for a possible update to the country’s maintenance schedule. If nothing changes, the giant Troll oil and gas field will return to full capacity on Thursday.
This has increased Europe’s sense of security as it prepares for the next winter, where gas storage levels are now at 80%.
