Mr Gloystein added that the TTF was “still expensive, but no longer needs to price in the risk of outright shortages”.
Soaring gas prices stoked a cost of living crisis last year and fed into high inflation as Russia weaponised its gas supplies to Europe in retaliation for western support for Ukraine, cutting off the majority of exports. Household bills are unlikely to fall as fast, as suppliers will have hedged gas and electricity for consumers when prices were at much higher levels. But the decline in the wholesale price should eventually feed through to lower bills.With only six weeks of winter remaining, gas storage levels in Europe, one of the key metrics for avoiding shortages, stood at about 65 per cent full as of Wednesday, according to trade group Gas Infrastructure Europe, well above normal levels for the time of year.
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