Gas prices in Europe are following suit, falling by 1.4 percent to around 77 euros per megawatt hour.
An announcement from Saudi Arabia that the important oil pipeline through the country could begin to be put back into service within a few days and be fully operational within six weeks has pleased the market.
The price of crude oil has risen by almost 75 percent since the turn of the year as a result of major supply disruptions from the Middle East war and the war in Ukraine.
The damaged oil pipeline through Saudi Arabia has been an important alternative route for the Saudis to export oil, as a result of sharply reduced energy supplies through the Strait of Hormuz from the oil-producing countries around the Persian Gulf - an effect of the Middle East war.
