Natural gas prices fell for a third day as the European Union pushes ahead with its market intervention to ease the worst energy crisis in decades. Benchmark prices dropped as much as 4.9% to a seven-week low. European Commission President Ursula von der Leyen will present her five-point plan to tackle the crunch on Wednesday, with the EU seeking to curb power consumption and provide liquidity in an attempt to prevent the crisis from engulfing the broader economy. “What is likely to be unveiled is a cocktail of market reform and price caps that fundamentally reshapes the way in which European energy markets have acted since deregulation in the early 2000s,” Citigroup Inc. analysts including Alastair Syme said in note. While the policy measures are being worked out, gas continues to be pumped into inventories with the official start of the […]

Posted in: EU