The European rally in natural gas prices is losing momentum

The big rally in European natural gas prices that began in July appears to have fizzled out thanks to high inventory levels and easing supply jitters. Dutch futures for the first month, the European gas benchmark, were quoted at 08:15 ET on Monday at €39.70 per megawatt hour, largely unchanged over the past 10 days but considerably higher than the price a month ago, at EUR 30.10 per megawatt-hour. The supply threat pushed prices to their highest level since December in early August, helping divert more liquefied natural gas…