The price of European gas futures continued to go down across the Old Continent on Wednesday, with Dutch TTF benchmark falling by more than 9% and returning to levels seen before the beginning of the Ukraine war last February.
Energy consumption across the region seemingly declined as a result of the warmer-than-expected temperatures in Europe, which appears to drive the sharp drop in gas prices, leaving the gas storage at 83.5% filled, far above the seasonal average over the previous five years of 70%, according to data made public on January 2 by Gas Infrastructure Europe.
For deliveries in February, Dutch TTF natural gas futures slumped 9.43% to sell at €65.50 per megawatt hour, while UK natural gas futures tumbled by 9.60% to 156.360 pence per therm at 3:59 pm CET.