European gas slumps below €100 for first time since Russia cut supplies
Mild weather and large amounts of fuel on storage have helped reduce priceshttps://www.ft.com/content/8d2d1e54-b2b7-4213-a1c4-daf9d42884cc
European natural gas prices have dropped below €100 per megawatt hour for the first time since Russia slashed supplies this summer, with warm weather and close-to-full gas storage easing concerns over winter shortages.
The price drop will come as a boost for the EU leaders who are working to place a cap on the price of the fuel as it fights high inflation and a slowing economy, and in an attempt to deny Moscow funds for its invasion of Ukraine.
Dutch TTF gas futures, the benchmark European contract, dropped as low as €93.35/MWh ($27 per MMBTU) on Monday, down nearly 20 per cent compared with Friday, the lowest it has been since mid-June. European gas prices are now 70 per cent below levels seen in August, when they soared above €300/MWh, although they are still well above the €20 to €40/MWh range they largely traded at over the past decade."