European Natural Gas Price Rally Loses Momentum

The big rally in Europe’s natural gas prices that kicked off in July appears to have run out of steam thanks to high inventory levels and easing supply jitters. Dutch front-month futures, Europe’s gas benchmark, were quoted at €39.70 per megawatt-hour on Monday at 0815 hrs ET, largely unchanged over the past 10 days but considerably higher than the price a month ago at €30.10 per megawatt-hour.  The threat to supply pushed prices to the highest since December earlier in August, helping divert more liquefied natural gas…