Natural gas prices in Europe plunged 6% on Monday as the downward trend in demand continued. In recent days, the price of the commodity fell below €40 per megawatt-hour, its lowest level in two months. Despite the cold weather, withdrawals from storage have been minimal compared to previous years.
On the supply side, Valeura Energy Inc. announced over the weekend the resumption of oil production at the Wassana field in the Gulf of Thailand and in Turkey's Thrace Basin, and Azerbaijan said it could meet its goal of doubling natural gas exports to Europe.
For deliveries in January, UK natural gas futures fell 6.23% to go for 91.050 pence per therm at 8:38 am CET. A minute later, Dutch TTF natural gas plunged 5.73% for the same month contracts to €36.50 per megawatt hour.
