European natural gas reserves very high
Europe’s natural gas reserves are more than sufficient, so prices have dropped.
On Wednesday, futures contracts for September deliveries reached their lowest levels in two weeks, at €37.85 per megawatt-hour, with reserve tanks more than 90% full in Europe.
The price drop was also helped by diminished worries about damage to the last pipeline delivering Russian gas to Western Europe via Ukraine, as the pipeline passes through the newest battlefield, Russia’s Kursk region.
Europeans are still worried, however, about what will happen when the delivery contract expires at the end of the year.
