Energy markets see decline in oil and natural gas prices

International energy markets are seeing a decline in crude oil and natural gas prices. Brent crude has dropped below the $100 threshold, trading in the $98 to $99 range per barrel. Natural gas prices have also fallen significantly, reaching approximately 73 euros per megawatt-hour (MWh) from earlier monthly highs of 82 euros per MWh.

In Greece, these international trends are expected to impact domestic fuel prices at stations starting this weekend, with potential decreases in diesel, gasoline, and LPG. Meanwhile, wholesale electricity prices for October are currently around 160 euros per MWh.

In Europe, high natural gas volatility has previously driven utility companies back toward coal. While gas prices have recently softened, previous spikes caused by geopolitical tensions in the Strait of Hormuz pushed European gas prices above 80 euros/MWh in September. This volatility has made coal and lignite power generation more profitable than gas-fired plants in some instances, potentially increasing coal-based electricity production by 25% over the next six months, particularly in major markets like Germany.