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Gas prices ‘to tumble 30pc’ as winter supply fears ease

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Natural gas prices will slump 30pc in the coming months as mild weather and a rush of supplies help to ease fears about a winter crisis, according to Goldman Sachs.

The Wall Street bank said it expects benchmark European prices to fall to €85 per megawatt-hour in the first quarter of 2023, down from current levels of around €120.

It comes as unseasonably warm weather delays the heating season, while a glut of liquefied natural gas shipments to Europe has allowed nations to refill storage sites.

This has helped to soothe concerns about shortages and blackouts this winter, with prices tumbling from a peak of €340 hit in August.

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