European gas prices fall to lowest in a month
European benchmark natural gas prices fell to their lowest in a month amid hopes Vladimir Putin was losing leverage in his attempts to cause economic pain to the continent by restricting supplies.
The contracts had spiked to record levels last month on fears, subsequently realized, that Moscow would completely stop the flow of gas through the Nord Stream 1 pipeline to punish European economies for their support of Ukraine following Russia’s invasion. Strategists at Deutsche Bank noted that the U.K.’s decision to spend government money to protect households from surging power prices, and similar actions across Europe, had damped the impact of the Putin energy crisis and helped force prices lower.
Additional downside price pressure came after the EU said at the end of last week that it would seek to apply a price cap on all gas imports, though they have yet to deliver details.
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