Prices of natural gas in Europe dropped for a sixth day, the longest price drop streak this year, as extra supplies of the fuel from the U.S. begin arriving at grids while overall demand slows down.
Dutch TTF Gas Futures, the European benchmark for natural gas, fell as much as 9.7 percent on Wednesday as a flotilla of liquefied natural gas (LNG) cargoes from the U.S. are headed to Europe.
The U.S. has sent 20 LNG tankers on its way to Europe, with several others that were initially headed to Asia now diverted to Europe, to help relieve a persistent gas crunch in the region.
Severe shortages in Europe pushed gas prices to as much as 400 percent this year and the region had began paying higher premiums on gas than Asian buyers.
The increase in supplies helped lower gas prices in Europe as demand for energy usage begins to slow down due to unseasonably warm temperatures. Higher wind energy production have also reduced demand for LNG.
However, the figures remain more than five times higher than the average of the last few years.
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