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Europe got lucky with gas - better not tempt fate now

By Javier Blas

09 May 2023 · 3 min read

Editor's Note

Gas stockpiles are in good shape for this time of year, writes Bloomberg columnist Javier Blas. The big question for consumers across Europe is: How long can such luck last? 

At the risk of tempting fate, the European Union energy commissioner offered a rather upbeat summary of the continent's recent natural gas plight. The EU, Kadri Simson said last week, came out of the winter with "storages half full" and a "positive outlook for next winter."

European gas prices, which peaked last year at more than €330 ($362) per megawatt-hour, have now plunged to €35 - the lowest since the 2021 summer although still double the historical average.

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