Gas prices will tumble 30pc in the coming months as fears of a winter energy crisis begin to subside.
That’s according to Goldman Sachs, which predicted that the European benchmark will fall to €85 a megawatt-hour from its current level of €120.
It put the decline down to unseasonably warm weather, which has helped to delay demand for heating, as well as a rush in liquefied natural gas shipments to Europe. These have allowed countries to refill storage sites ahead of winter.
However, the situation looks likely to deteriorate again next summer, with prices surging to almost €250 by the end of July.
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What happened overnight
Asian shares wobbled in cautious trading on Wednesday, while the dollar sagged slightly as investors braced for the US Federal Reserve’s policy outcome later in the global day.
The Hang Seng Index dropped 0.43pc to 15,389.55, the Shanghai Composite Index edged down 0.29pc to 2,960.65 and the Shenzhen Composite Index on China’s second exchange eased 0.21pc to 1,938.19.
Tokyo stocks also opened lower, with the benchmark Nikkei 225 index down 0.36pc at 27,580.26 in early trade, while the broader Topix index shed 0.06pc at 1,937.39.
Read the latest updates below.
