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11/11/2022, 4:43 PM (Source: TeleTrader)
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European gas prices drop 10% as price cap looms

The price of European gas futures declined over 10% on Friday, as the bloc looks to limit the price of the commodity, while warmer-than-predicted temperatures drove the prices to fall amid the energy crisis across the region.

According to reports, European Commission President Ursula von der Leyen and Czech Prime Minister Petr Fiala revealed in a letter earlier today that the bloc's energy ministers will be provided with a "detailed outline" of the proposal that is to limit the raging prices of energy on November 24.

For December settlements Dutch natural gas futures TTF, the European reference price, dived 11.76% at 4:29 pm CET, to sell €100.1 per megawatt hour. UK natural gas futures for delivery in December plunged 12.53% to 233.000 pence per therm at 4:22 pm CET.

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