European gas prices declined almost 5% to around €90 per megawatt-hour on Thursday, moving further away from a record €116.2 hit on October 5th, as an increase in LNG supplies and pandemic concerns outweighed cold weather forecasts. European LNG imports were 6.29 million tonnes in November, the most since April and up from 5.96 million tonnes in October. Also, as the pandemic situation worsens in Europe and restrictions are reintroduced, investors expect heating needs for office spaces and commercial areas to drop. Meanwhile, temperatures are expected to drop in the first half of December in Europe with the gas-producing Nordic countries and Russia being among the most impacted, which might have an impact on gas volumes flowing to other European countries.
Historically, EU Natural Gas reached an all time high of 162.13 in October of 2021. EU Natural Gas - data, forecasts, historical chart - was last updated on December of 2021.
EU Natural Gas is expected to trade at 84.42 EUR/MWh by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 68.52 in 12 months time.