European gas prices slump as energy crisis recedes

European natural gas futures slumped below €50 for the first time in 17 months, as the region’s worst energy crisis in decades recedes.

Prices have plunged by more than 80 per cent from their August peak when Russia’s gas cuts hit Europe with about $1 trillion in costs, hammering the region’s economy and pushing inflation to the highest in decades.

Now, the continent is seeing a sharp turnaround as a relatively mild weather, efforts to ...