British and Dutch prompt wholesale gas prices fell on Dec. 30 morning as high stock levels and mild temperatures for the time of year pressured prices, leaving benchmark contracts poised to end 2022 at similar levels to the beginning of the year.
The Dutch front-month contract fell by 4.50 euros to 79 euros per megawatt hour (MWh) by 0950 GMT according to Refinitiv Eikon data.
The British front-month contract fell by 13 pence to 181 p/therm.
The contracts, which both hit record highs this year, are now trading around similar levels to those seen in January, before Russia's invasion of Ukraine and before flows of Russian gas to Europe were significantly curtailed.
Russia historically provided around 40% of Europe's gas, and following the invasion the bloc rushed to fill gas storage sites to ensure enough supply for the winter season when demand is traditionally higher.
Milder than usual temperatures for much of winter means the stocks have not yet been significantly drawn upon, pressuring European gas prices.
Europe's gas storage sites were around 83.2% full overall, with the region's biggest consumer Germany seeing filling levels of 89%, according to Gas Infrastructure Europe data.
Record levels of liquefied natural gas (LNG) imports have also calmed prices.
"European gas imports via LNG tankers could hit 20 bcm (billion cubic meters) for the first time in December, helping the region get through winter largely without Russian imports," Henning Gloystein, a director at consultancy Eurasia said on Twitter.
British local distribution zone gas demand, which is primarily used for heating, was forecast at 157 million cubic meters (mcm) on Dec. 30, 17 mcm lower than previous expected, Refinitiv Eikon data showed.
In the European carbon market, the benchmark contract rose by 0.33 euros to 84.96 euros a tonne.
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