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Investing.com -- European gas prices dropped 1.5% in midday trading on Wednesday, with the benchmark Dutch TTF contract reaching 30.92 euros per megawatt hour.
The price movement marks a break below the trading range seen since late August, falling under 32 euros per megawatt hour, according to analysts at ANZ Research.
Despite increasing geopolitical risks, market participants appear reassured by sufficient gas inventories across Europe. Current storage levels across the bloc stand at 82% of capacity, with injection rates increasing over the past week.
Several additional factors are supporting the market, including strong liquefied natural gas imports and reduced demand from Asia, particularly China. Pipeline gas exports from Norway are also approaching full capacity.
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