TELETRADER News
3/20, 11:11 AM
(Source: TeleTrader)
F GAS+0.04%
European gas drops 6%, lowest since January 2022
Gas prices in Europe fell more than 6% on Monday, with the Dutch TTF natural gas futures, the benchmark for the continent, falling to fresh 14-month lows and approaching the level prior to the start of the conflict in Ukraine last year.
The main reason for the price drop appeared to be milder-than-expected temperatures, which have ostensibly allayed worries about the region's shortages of the commodity. However, the banking sector upheaval seemingly added to demand concerns for the commodity.
For April contracts, Dutch TTF natural gas plunged 6.3% to sell at €40.15 per megawatt hour. The futures fell to its lowest level since January 2022. UK natural gas futures tumbled by 6.61% to 97.100 pence per therm at 10:58 am CET.