European gas prices fell further on Thursday, continuing a recent sell-off, as unseasonably mild weather curbed demand and fresh supplies of the fuel headed to the region.
In thin holiday trading, gas futures linked to TTF, Europe’s wholesale gas price, fell as much as 12 per cent to €84.90 per megawatt hour as tankers carrying liquefied natural gas — originally destined for Asia — arrived in Europe.
These vessels were rerouted earlier this month by traders to cash in on record prices, which hit above €180 per megawatt hour in the run-up to Christmas due to waning confidence in extra Russian supply.
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