Gas prices in Europe fell more than 10% on Thursday, with the Dutch TTF natural gas futures, the benchmark for the continent, falling to its lowest level since September 2021, as worries over the commodity consumption swayed the markets.
According to the latest report, manufacturing activity in Germany fell sharply in May to hit its lowest point in three years, further putting demand in question in the light of recent warnings that the European largest economy entered a "technical recession" during the first quarter of this year.
For July contracts, Dutch TTF natural gas plunged 10.1% to sell at €24.15 per megawatt hour. UK natural gas futures tumbled by 11.59% to 56.650 pence per therm at 12:09 am CET.
