Natural gas prices fell in Europe at the end of the week's trading on Friday, to their lowest levels in 7 months, with abundant supply due to the expected warm weather in the holiday season, and this comes while oil prices rose in the markets.
The price of gas on the Amsterdam Stock Exchange was about 83 euros per megawatt hour.
And contributed to the increase in stocks of liquefied natural gas and slowdown in industrial demand to push prices down.
Markets are anticipating the impact of the winter storm in the United States on US LNG supplies.
The European Union countries approved last week a ceiling for Russian gas prices that can be activated if they rise to 180 euros per megawatt hour for a period of 3 days.
This ceiling is scheduled to enter into force on February 15.
Also in the energy markets, oil prices rose by about $3 at the end of the trading week yesterday, achieving gains for the second week in a row.
Brent crude rose $2.94, or 3.6%, to settle at $83.92 a barrel.
US West Texas Intermediate crude rose $2.07, or 2.7%, to settle at $79.56 a barrel.
This rise comes after Russia said it may cut crude production by between 5% and 7% early next year in response to the price ceiling imposed by Western countries on Russian seaborne oil of $60 a barrel.
Brent crude achieved gains over the course of a week by about 6.2%, while WTI achieved weekly gains of more than 7%.