Gas prices plunge as Europe tops up supplies ahead of winter
MONDAY 26 SEPTEMBER 2022 3:5
Gas prices continued to plummet across UK and European benchmarks, reflecting the continent's successful scramble for reserves ahead of winter.
The UK Natural Gas Futures benchmark dropped steeply today, falling 15.2 per cent to £2.43 per therm – well below its record levels posted only a month ago – while the Dutch TTF Futures benchmark slipped 6.7 per cent.
This follows City forecasters predicting tumbling prices could knock £60bn off the costs of the support packages for households and businesses – currently estimated at a combined total north of £150bn.
Prices have eased 50 per cent from record highs last month, with Europe managing to successfully top off supplies to ease fears of supply shortages, while Russia has not escalated the energy crisis since it cut off flows via the Nord Stream 1 pipeline last month.