Wholesale gas prices 'may fall sharply by next summer'

There has been a drop in gas use for power, with renewables gaining market share and nuclear output rising

European gas prices have been volatile this year, reacting to any threats to global flows.

European wholesale gas prices next summer may be 20% lower than currently estimated thanks to a decline in demand from power plants and ample supplies in storage, according to consultant Wood Mackenzie. 

The continent is heading into winter with stockpiles above the seasonal norm, a buffer against any short-term disruptions. There’s also been a drop in gas use for power, with renewables gaining market share, nuclear output rising and economic pressures weighing on industrial and household consumption.