European natural gas prices have been on decline recently and fell to the lowest level since last October yesterday below EUR40/MWh, Danske Bank's FX analyst Kirstine Kundby-Nielsen reports.

Oil and coal prices have also set new lows recently

"The move follows the overall trend lower in energy prices, where oil and coal prices have also set new lows recently. Warmer weather in Europe and flexibility when it comes to rebuild of gas storages before next winter has also contributed."