Wholesale gas prices fall on hopes for storage and LNG imports      

Reduced consumption would give the EU breathing room as it tries to prevent shortages and blackouts

The Nord Stream 1 Baltic Sea pipeline. Russian gas is still flowing to Europe through Ukraine, but concerns about stoppages will remain as long as the war continues.

European wholesale gas prices fell on Monday amid signs that the continent will be able to navigate this winter with sufficient supplies, as an influx of liquified natural gas and steps taken by the EU contain the crisis.

Prices for delivery in January fell 5.25% as European demand is likely to fall by a record 10% this year, and another 4% next year due to the high prices, according to the International Energy Agency. Gas saving measures will be crucial to help stretch gas stocks to the end of winter even with dwindling Russian supply, it said.