European gas prices fall to lowest in a month on weak demand

July 11: European natural gas prices fell for a second straight day, nearing their lowest level in a month, amid weak demand for natural gas.

The benchmark natural gas futures contract in the Netherlands fell as much as 4.7%, while British gas prices also fell as British gas consumption remained well below seasonal standards since early June.

Weak demand has seen UK LNG imports drop to their lowest level since summer 2021.

Britain doesn’t have the large oil storage depots that continental Europe has, so it can’t store fuel in summer for use in winter, slashing demand.

Meanwhile, hot weather in parts of Europe did not lead to higher consumption of cooling demand, as more abundant gas storage than usual kept a lid on price increases.