European natural gas prices fell for a sixth consecutive day on Wednesday, the longest stretch of declines in more than a year, after they hit record highs last week.

The February Title Transfer Facility (TTF) contract has almost been cut in half since it hit a record  of nearly $60/MMBtu on Dec. 21. The contract settled closer to $32 on Wednesday. The UK’s National Balancing Point has witnessed a similar decline. Warmer weather, industrial shutdowns that came in response to sky-high prices and curbed demand, along with dozens of LNG cargoes headed to the continent, have weighed on prices. 

A surge in renewable energy output has also dragged down near-term prices. According to Schneider Electric, the UK natural gas system opened Wednesday 50.4 million cubic meters oversupplied...