European gas prices fell again on Thursday, approaching €25 per megawatt-hour.
The Dutch TTF futures contract, considered the European benchmark, was at €25.90, its lowest price in almost two years.
Fears of falling demand from industry have been pushing prices down, and news of Germany’s technical recession in the first quarter reinforced those concerns.
“A cooler-than-expected winter has reduced demand,” analysts at ANZ Bank note. “Reserve levels remain high.”
However, the EU imports 90% of the gas it consumes, and shortages are still possible during the winter of 2023-24, the analysts warned.