The longest gas reduction in Europe in over a year

European natural gas extended its downward series and recorded its longest depreciation in more than a year. The reason for this is the increased supplies from the United States, which are expected to alleviate the energy crisis in the region. More blue-fueled vessels are already traveling to the Old Continent, and quantities should restore balance to the shrinking market.

Recent news has supported the decline in the Dutch gas bench. It fell for the fifth day in a row, sinking by 9.2%, reports Bloomberg. In Amsterdam, gas traded at 101.31 euros per megawatt-hour in the early afternoon today. Trade in the United Kingdom at ICE Futures Europe remained closed for the holidays.

The fall in prices comes after they jumped to record levels last week amid low temperatures and a sharp drop of gas flows from Russia. Milder weather in much of continental Europe and similar forecasts for next week also limit energy demand. However, gas storage facilities in the region are still about 23% below the average for the last five years during this winter.

US LNG shipments to European ports have increased increased by a third over the weekend. However, the market remains on the brink, and longer-term forecasts show that temperatures will fall to well below normal in the second week of January.

The energy crisis in Europe has also contributed to the refusal of the Russian state-owned company Gazprom to supply additional gas to the continent.