London
CNN
—
Europe’s natural gas prices have tumbled to their lowest level in nearly 18 months in the latest sign the region has avoided a much-feared energy crisis.
Benchmark wholesale gas prices fell almost 5% Friday to hit €49 ($52) per megawatt hour, their lowest level since September 2021 and a fraction of the all-time high of €320 hit in August last year, according to data from Independent Commodity Intelligence Service.
It’s a remarkable turnaround for a continent that, just a few months ago, faced shortages and potential blackouts as Russia — once its biggest supplier — drastically lowered gas exports to Europe in retaliation for EU sanctions over its war in Ukraine.
The plunge in prices will further reduce the risk of a recession in Europe.
Prices have been pushed lower by unseasonably warm weather this winter, as well as the…
