Natural gas prices in Europe fell by about 1.6% on Friday, to €41.43 a megawatt-hour, and fell by 4.3% since the beginning of the week, as demand switched from heating needs to providing supplies for next winter. Overall, since the beginning of 2023, gas has fallen in price by 46% against the background of sufficient reserves and reduced consumption.
Storage facilities switched to net injections in the last six days, which is the longest period since the autumn period of 2022.
A colder-than-usual start to April meant that gas was still being used for heating, which reduced supplies. But recent injections have increased stocks by almost 1%. However, colder weather is forecast for the north-west of Europe at the end of April.
"The gas market continues to receive mixed signals amid short-term supply problems, which is offset by forecasts of mild weather and high inventory levels after a mild winter," said analysts at Energi Danmark A/S.
The European Union aims to ensure that the storage facilities in the region are 90% full by November 1. But the storage facilities could be 100% full by the end of August if LNG imports don't slow down, Morgan Stanley analysts said earlier this month.