5/25, 12:38 PM (Source: TeleTrader)
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European gas drops over 5% on demand woes

The prices of gas in Europe declined over 5% on Thursday as concerns over the region's economy grew, seemingly dampening the commodity demand.

The Federal Statistical Office earlier revealed that Germany's economy entered a "technical recession" in the first quarter of this year, with the government struggling to brush off the impact of the energy crisis, further raising questions about the its economic outlook. In addition, Britain's Office of Gas and Electricity Markets slashed the annual energy bills price cap, setting it at £2,074 between July and September.

For deliveries in June, UK natural gas futures tumbled 5.23% to go for 61.200 pence per therm at 12:22 pm CET. For the same month contracts, Dutch TTF natural gas plunged 5.42% to €26.28 per megawatt hour, falling to its lowest levels in two years.

Baha Breaking News (BBN) / AB