Natural gas prices in Europe extend falls from supportive messages
Prices decrease almost 10% from Tuesday's closing trade of €215 to €194 per megawatt-hour
Natural gas prices in Europe fell almost 10% from Tuesday’s closing price of €215 per megawatt-hour to €194 on Wednesday.
Natural gas prices for April futures contracts on the TTF, the Netherlands-based virtual natural gas trading point, hit historical levels at €345 per megawatt-hour on Monday.
The threatened European ban on natural gas purchases from Russia also prompted these high price levels.
However, prices began to slacken after German Chancellor Olaf Scholz commented on the conscious decision to continue commercial enterprises in the energy supply sector with Russia on Monday.
The April futures contract price opened on Wednesday at €205 per megawatt-hour.
The statement from the EU Commission President Ursula von der Leyen on Tuesday on sufficient LNG imports to last until the end of winter also lent support to the market, causing a fall in natural gas prices in Europe.