Gas prices decline in the European Union

Gas prices have declined in the European Union since mid-February, as the heating and winter seasons draw to a close.

OilPrice, an energy and oil platform, reported on Tuesday that a group of EU member states emphasized that EU storage targets should be more flexible.

The platform added that with EU storage depleted at its fastest pace in seven years after a cold winter, the summer replenishment season presents many challenges.

It noted that natural gas prices in Europe have declined in recent weeks, after reaching a two-year high in February, easing concerns about the price Europe will have to pay this summer to prepare for the coming winter.

According to the platform, Dutch natural gas futures, the benchmark for gas trading in Europe, reached a two-year high in mid-February amid the first favorable winter with prolonged cold spells since the 2022 energy crisis.