Abnormal heat has brought gas prices in the EU to their lowest levels.

Natural gas prices in Europe continued to slide as warmer weather dampened demand and eased pressure on policymakers and central bankers. According to Bloomberg, the underlying futures fell 7.8% on January 4 to the lowest level since mid-February 2022. For the next month, gas futures on the TTF exchange in the Netherlands fell 6% to €68 per megawatt-hour (less than $750 per thousand cubic meters), the lowest intraday level since February 16. On January 3, they fell by 6.1%. The European markets now face massive underconsumption, combined with oversupply, said Niek van Kouteren, a lead trader at Dutch energy company PZEM NV. Storages have again been filled over the last two weeks, he added.