European natural gas prices sank Monday, giving up last week’s gains as the March Title Transfer Facility (TTF) contract rolled off the board with the continent amply supplied as spring nears.
The March and April contracts finished below $15/MMBtu as the week got underway. European gas storage inventories are at about 62% of capacity, compared with the five-year average of 41%.
Colder-than-normal weather is forecast for Southwest and Central Europe over the next 10 days, which had strengthened prices last week. But storage inventories and strong liquefied natural gas deliveries continue to weigh down prices. Little activity on the Asian market has kept European gas prices at a slight premium and helped to attract cargoes.
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