F GAS-1.52%
European gas prices fall 9% on strong inventories
European gas prices for future contracts fell on Tuesday as gas storage inventories were registered at 78.4% of capacity despite cold temperatures across the region that have boosted consumption. The figure stood above the five-year average but marginally lower than a week earlier, maintaining a steady supply of gas amid reduced capacity from the United States and Norway, according to Natural Gas Intelligence.
The market activity appeared not to be affected by the agreed framework on the gas price ceiling that will go into effect from next month, the European Securities and Markets Authority (ESMA) explained, but added that future effects can't be ruled out if Europe's natural gas supply faced additional pressure.
For deliveries in February, UK natural gas futures plunged 9.28% to go for 151.250 pence per therm at 9:46 am CET. The Dutch TTF natural gas futures nosedived 9.40%, selling at €59.80 per megawatt hour.