F GAS+0.85%
Gas prices in Europe tumble on demand woes
European gas prices for front month deliveries dropped on Friday after data revealed that Germany's second-quarter gross domestic product was unchanged in comparison to the previous quarter, seemingly raising concerns about the commodity consumption in Europe's biggest gas importer.
The concerns over supply disruptions caused by outages at Norwegian gas infrastracture were partially offset following the British oil and gas company BP plc and Austrian OMV sale and purchase agreement. This deal is aimed at ensuring the supply of up to 1 million tonnes of liquefied natural gas annually for a decade starting in 2026. Additionally, OMV announced the discovery of the largest natural gas reserve in Austria in the past four decades.
For deliveries in August, UK natural gas futures fell 7.17% to go for 65.00 pence per therm at 11:38 am CET. For the same month contracts, Dutch TTF natural gas tumbled 7.31% to €26.35 per megawatt hour.