Wholesale gas prices plummet 7% despite Red Sea conflict

Fall in wholesale gas and oil prices raises hopes of further cuts in energy bills for Irish households and businesses

European wholesale gas prices through the rest of the winter and spring months fell sharply on Monday, futures markets show.

The price of European wholesale gas for the rest of the winter plummeted yesterday, and global crude prices eased, despite concerns about the disruption of energy supplies through the Red Sea and the Suez Canal.

The fall in wholesale energy costs come as storage levels of gas remain close to record levels in Europe, helping ease market fears about disruption of some liquefied natural gas, or LNG, shipments from the Red Sea.