Gas prices plunged sharply last week as shale gas booms in the United Kingdom faltered.
Bloomberg New Energy Finance on Tuesday said gas prices in England, Scotland, Wales and Northern Ireland fell by around a third from the previous week, the steepest decline since March 2017.
According to a Reuters survey, Britain’s natural gas production dropped by 4.4 billion cubic feet per day (bcmd) to 8.7 billion bpd in June, the lowest since February 2016.
The steep fall has coincided with a plunge in prices for natural gas in Europe.
Natural gas producers in Germany, the Netherlands and Austria are seeing the biggest declines, according to Reuters data.
Gasoline prices in France and Spain are also dropping, but by smaller amounts, according Reuters data from March.
Gas prices have also been on a downward trend in some markets, especially in Europe and the United States.
A decline in the price of oil has helped fuel a glut of crude oil and gas, which has forced oil prices to slide sharply.
Gas prices in Russia, a country that has relied on its vast shale gas reserves, are down for the first time in more than a decade.
But gas prices are unlikely to drop in Europe, where many countries have cut back on the amount of natural gas they produce.
The European Union, which is seeking to boost the energy efficiency of its energy systems, said last month that natural gas demand will remain high until 2020.
In the United Arab Emirates, natural gas prices have been stuck in the single digits for months.
A plunge in gas prices could also be on the cards in Iraq, which relies heavily on imported gas.
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