Gas Prices in Europe Fell after Putin’s Statement

Russian President instructed Gazprom to increase gas supplies to the West Concerns about gas shortages in Europe in the winter have eased, leading to lower fuel prices after Russian President Vladimir Putin instructed Gazprom to supply more gas to the West. European gas futures were down nearly 10 percent Thursday after Putin said the state energy giant should increase supplies to Germany and Austria once it fills up storage facilities domestically. Dutch gas futures fell 8.9 percent to 79.10 euros ($ 92.35) per megawatt hour. Given these dynamics, prices fell by almost one fifth in October, which is an uncharacteristic decline for the season and the largest monthly fall since February. British futures were down more than 11 percent. Natural gas prices in the US have also declined, although not as much as in Europe.