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European Natural Gas Prices Slide Amid Market Correction
(MENAFN) Natural gas prices in Europe declined by more than 7% on Wednesday, falling below €50 ($58) per megawatt-hour after a recent surge driven by conflict-related pressures earlier in the month, as stated by reports.
By 0830GMT, prices were hovering around $58 per megawatt-hour, down significantly from last week’s peak of $78.
The decline followed emerging reports about renewed diplomatic efforts aimed at stabilizing the Middle East and avoiding further disruptions to energy supplies. According to reports, the US is pushing for a ceasefire to open the door for negotiations, while other accounts indicated that Washington had presented Iran with a 15-point proposal to help resolve the conflict.
US President Donald Trump also said that Iran had delivered what he described as a "gift" connected to oil and natural gas, adding: "They (Iran) have agreed that they will never possess nuclear weapons."
Despite the recent drop, gas prices have risen by more than 60% since the outbreak of the Iran conflict on Feb. 28, raising concerns about energy costs and electricity prices across Europe.
Although prices have eased, they remain considerably higher than levels seen before the escalation, highlighting ongoing instability in the region’s energy markets.
By 0830GMT, prices were hovering around $58 per megawatt-hour, down significantly from last week’s peak of $78.
The decline followed emerging reports about renewed diplomatic efforts aimed at stabilizing the Middle East and avoiding further disruptions to energy supplies. According to reports, the US is pushing for a ceasefire to open the door for negotiations, while other accounts indicated that Washington had presented Iran with a 15-point proposal to help resolve the conflict.
US President Donald Trump also said that Iran had delivered what he described as a "gift" connected to oil and natural gas, adding: "They (Iran) have agreed that they will never possess nuclear weapons."
Despite the recent drop, gas prices have risen by more than 60% since the outbreak of the Iran conflict on Feb. 28, raising concerns about energy costs and electricity prices across Europe.
Although prices have eased, they remain considerably higher than levels seen before the escalation, highlighting ongoing instability in the region’s energy markets.
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