This month, a cold front swept across much of Europe and giant tankers that carry fuel through the Red Sea were rerouted to avoid escalating violence. That should have pushed gas prices higher. Instead, they just kept falling.
Even if it’s a step too far to give Europe the all-clear, it’s a strong sign that the worst of the nightmare that sent energy bills soaring and pushed inflation to multi-year highs is in the past.
Europe is benefiting from having amassed record gas reserves last year, along with help from renewables and a relatively mild winter — some cold snaps aside. Sluggish economic growth is also playing a part, capping demand for energy in major industrial powers such as Germany.
