The green light of the European Commission to energy companies for their payments in Russia helped lower gas prices for a second consecutive meeting, according to Bloomberg.
The Commission, in its revised directives to the Member States, states that sanctions against Moscow do not prohibit gas importers from opening new bank accounts. This means that payments can proceed normally.
The June delivery contract closed 4.2% lower following the Commission announcements.
In its revised recommendations, the Commission also states that companies should make a clear statement that they consider how their obligations have been met when paying in euros or dollars.
Warmer-than-expected weather has also contributed to falling prices, while estimates for stronger production from wind farms in Germany reduce the need for gas imports. At the same time, liquefied natural gas transports continue, providing alternatives and at the same time improving stocks.
Source: Capital
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