European natural gas prices hit 18-month low and near parity with crude oil as Vladimir Putin's energy war fizzles

• Alternative suppliers and a warm winter have brought European gas prices below 50 euros per megawatt hour.
• That marks an 85% drop from the price peak last year, when Russia cut gas exports and sparked a price spike.
• Natural gas prices are now equivalent to $85 per barrel, nearly on par with Brent crude oil at around $83.

Thanks to a warm winter and support from new suppliers, European natural gas prices have dropped below 50 euros per megawatt hour and hit the lowest level in 18 months.

On Friday, the benchmark TTF contract fell 5% to a low of 49 euros amid optimism that Europe will avoid shortages this winter and next.