12/21/2022, 10:26 AM (Source: TeleTrader)
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European gas prices down 6% on weaker demand

The prices of European gas futures fell over 6% on Wednesday as weaker consumption across the region seemingly lifted pressures off the markets. In the effort to the cut reliance on Russian exports of gas, the European Union reported that the consumption for the period between August and November this year compared to the corresponding time frame between 2017 and 2021 plunged by 20.1%.

Meanwhile, trades also assessed the recently-agreed price ceiling on gas in the bloc, which aims to limit the price to €180 per megawatt-hour (MWh) from February next year.

For deliveries in January, UK natural gas futures fell 6.88% to go for 244.500 at 10:02 am CET. The Dutch TTF natural gas futures flipped 6.32%, selling at €98.805 per megawatt hour at 10:14 am CET.

Baha Breaking News (BBN) / AB