Weak industrial demand and mild weather pushed European natural gas prices even lower on Monday after seven straight weeks of losses.

The prompt Title Transfer Facility (TTF) contract fell below $10/MMBtu last week for the first time since June 2021 and stayed there Monday after falling another 1.5%.

If prices continue to fall to near $8, Goldman Sachs analysts expect another 300-400 MMcf/d of European gas demand to result from coal-to-gas switching. 

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“The substitution process can work as a temporary floor to gas prices until industrial demand and Asia LNG imports start to improve more visibly, which in our view will ultimately pull gas prices higher into late...