Gas prices fall to fresh record lows

European gas markets have fallen to fresh record lows as the impact of the coronavirus pandemic continues to erode the demand for fossil fuels. From July it will hold back between 30 and 40 cargoes, which could mean cutting around 2.6m tonnes of LNG from the global market, the equivalent of about 8% of the world’s monthly gas supply. Ed Cox, the head of LNG at ICIS, said the collapse of European prices showed that the US decision to cut gas exports was “not sufficient to balance the market”, adding that “more supply needs to be taken offline”. But some firms are likely to face severe financial pressure owing to unpaid customer bills which may limit their ability to pass on savings.