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Natural Gas Prices Plunge 18% in Europe
ETF news and views for the week of May 22 to 26, 2023.
By Trackinsight
May 29, 2023
- Natural Gas
- Thematic
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Natural gas prices in Europe experienced a sharp decline, plunging almost 18% for the week amid ample inventories and sluggish demand in both Europe and Asia. The front-month futures at the TTF hub, the benchmark for gas trading in Europe, sank below 25 euros per megawatt-hour (MWh) on Friday. This significant drop represents a halving of prices since the start of the year, largely driven by a milder winter that led to European gas inventories surpassing the five-year average at the end of the 2022/2023 heating season.
In the United States, natural gas futures extended losses toward $2.2/MMBtu, down 15% for the week and down almost 51% for the year, driven by increased output, rising Canadian exports in the wake of easing fire conditions and revised forecasts indicating lower demand in the coming weeks.
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The WisdomTree Natural Gas Fund, which tracks the performance of natural gas prices, lost -9.95% over the week, bringing its year-to-date performance to -54.90%.
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