European natural gas prices hit 18-month low & near parity w/ crude oil as Putin's energy war fails
Thanks to a warm winter and support from new suppliers, European natural gas prices have dropped below 50 euros per megawatt hour and hit the lowest level in 18 months.
On Friday, the benchmark TTF contract fell 5% to a low of 49 euros amid optimism that Europe will avoid shortages this winter and next.
While still above historical averages of 10 to 30 euros, prices have plunged 85% from highs reached last summer, when Russia President Vladimir Putin sought to weaponize energy by cutting off gas supplies to Europe, which had imposed sanctions on Moscow for its invasion of Ukraine.
At the current level, natural gas prices are equivalent to $85 per barrel, nearly on par with Brent crude oil at around $83.
https://www.msn.com/en-us/money/markets/european-natural-gas-prices-hit-18-month-low-and-near-parity-with-crude-oil-as-vladimir-putin-s-energy-war-fizzles/ar-AA17CyjY