Gas prices fell on Tuesday amid signs that Russia may gradually start boosting supplies, as promised by Russian President Vladimir Putin, Bloomberg reports.
Gas futures in the Netherlands were found to fall by up to 6.3% after the data announced today and showed an increase in Russian supplies through Ukraine.
At the same time, the Dutch network operator Nederlandse Gasunie NV announced today that production is expected to increase in the near future in the giant field of Groningen, in the north of the country, alleviating concerns about the supply.
European gas futures lost 5.3% to 74.93 euros per megawatt hour, while the corresponding contract in the UK fell 4.9% to 193.05 pence / unit.
Gas prices in Europe have more than tripled this year as Russia maintains supply constraints, while large quantities of liquefied natural gas are piped to Asia. This means that Europe is starting the winter season with the lowest stocks in over 10 years, according to Bloomberg.
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