12/19/2022, 5:29 PM (Source: TeleTrader)
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European gas down over 7% after price ceiling deal

The price of European gas futures tumbled on Monday as the European Union reached an agreement that would set the price ceiling of the gas in the bloc at €180 per megawatt-hour (MWh), with the agreed limit slated take effect from February next year.

"Europe will thus have a package of measures to help it prepare for next winter and protect citizens and businesses from extreme price fluctuations," Czech Minister of Industry and Trade Jozef Sikela commented following the meeting of the energy ministers in Brussels.

UK natural gas futures for delivery in January slipped by 7.43% to 267.000 pence per therm at 5:16 pm CET. Dutch TTF natural gas futures, which serve as the benchmark across the continent, for settlements in January, plunged 7.02% selling at €107.350 per megawatt hour.

Baha Breaking News (BBN) / AB