2/13, 10:49 AM (Source: TeleTrader)
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European gas falls nearly 4% on strong inventories

European gas prices for future contracts declined on Monday with gas storage inventories registered at 66% of capacity, according to the latest data revealed by Gas Infrastructure Europe. The storage level hovered above the average capacity for this time of the year, owing to warmer-than-predicted winter temperatures across the region and stronger liquefied natural gas imports.

The consumption of gas across the euro area seemingly decreased, according to European Commissioner for Economy Paolo Gentiloni, supporting the decline in commodity prices.

For deliveries in March, UK natural gas futures slipped 3.50% to go for 129.800 pence per therm at 10:29 am CET. The Dutch TTF natural gas futures contract, which serves as the reference benchmark across the continent neared its fresh lowest level in over a year, before the beginning of the war in Ukraine. The contract dropped 3.78%, selling at €51.91 per megawatt hour.

Baha Breaking News (BBN) / AB