European natural gas prices fell to the lowest level in four weeks, due to weak demand and the winding down of maintenance in Norway.

Benchmark futures in the Netherlands slumped 4.7% at their lowest level for the day, while UK prices also eased. Hot weather in some countries failed to translate into significantly higher demand for cooling needs, at the same time that ample storage — sites on the continent are now about 80% full - helped to keep a lid on prices.

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In Britain, demand has remained well below seasonal norms in recent weeks, resulting in the nation’s liquefied natural gas imports slumping to the lowest levels since September 2021. The UK doesn’t have large storage sites like those in continental Europe, resulting in much lower demand during warmer months as it can’t hoard the fuel for winter.

While these dynamics signal the energy crisis that pushed prices to records last year have subsided, another test will come this winter. Colder weather can rapidly deplete the high inventories accumulated over the summer.

“Europe appears well positioned for the winter season, but any sign of upcoming tight balances will stress the markets and test their resilience,” said Andy Sommer, team leader for fundamental analysis and modeling at Axpo Solutions AG.

The market is also focusing on the return from maintenance of key facilities in Norway later this week and any updates from the nation’s network operator Gassco AS, according to consultant Zenergi.

Front-month gas on the Dutch hub declined 3.9% to €29.06 a megawatt-hour by 5p.m. in Amsterdam. The UK equivalent fell 4.1% to 70.51 pence a therm.

--With assistance from Priscila Azevedo Rocha and Eamon Akil Farhat.