Wholesale gas prices fall 11% but remain elevated late into next summer                

Continent's household energy crisis may not be easing any time soon

The price of wholesale gas for delivery in February fell by 11% to €86.75 per kilowatt per hour.

Wholesale gas prices across Europe fell 11% today as tensions over Ukraine eased, but prices long into next summer suggest the continent's household energy crisis will not be easing any time soon.

Gas prices have eased in recent days as the potential talks between the US and Russia about deescalating the crisis over Ukraine has eased fears of energy traders about the Kremlin turning down the huge gas supplies it delivers to western Europe.

Hikes in household energy bills have also come this winter from the shortages of all types of energy across Europe. 

The price of wholesale gas for delivery in February fell by 11% to €86.75 per kilowatt per hour.

Prices also fell for delivery to €77 per kilowatt for delivery next August but  at and an average of €83.40 for the third quarter in 2022, traders still suggest that the cost of energy will stay at elevated levels for some time to come. 

Meanwhile, a week-long rally in world stock markets showed few signs of abating as investors looked beyond the Omicron variant, bolstering gains for stocks and oil. 

Sentiment was supported by signs that governments, despite Covid-19 cases hitting record highs, are trying to limit the economic damage by relaxing rules on isolation rather than resorting to lockdowns. 

AIB and Bank of Ireland shares fell as much as 2.5%, but Ryanair ended slightly higher.      

Oil prices slowly rose, even amid demand growth concerns and news that China had cut its first batch of 2022 crude oil import quotas by 11%. 

Brent crude, which has climbed more than 50% this year, was at $79.37.