Natural gas prices fell in European markets during trading on Tuesday, coinciding with a broad decline in global energy markets, following the emergence of signs of calming tensions in the Middle East. This reduced fears of possible supply disruption.
The improvement in navigation traffic contributed to enhancing expectations for regular liquefied natural gas flows, and this development alleviated concerns about the possibility of diverting gas shipments from the European market to the Asian markets, according to Yahoo Finance.
But the European gas market still faces long-term supply concerns, with gas storage facilities across Europe currently at around 54% full, still below historical averages of the past five years.
Benchmark gas futures prices fell in Europe; Dutch futures contracts (August delivery) fell by 2.75% to trade at 56.65 euros per megawatt hour.
