Despite slight gains on Tuesday, European natural gas prices continued to trade at some of the lowest levels since April 2021, following eight straight weeks of losses that have more consistently widened the spread to Japan-Korea Marker (JKM) prices.  

The July Title Transfer Facility (TTF) contract dipped below $8/MMBtu for the first time in more than two years last Friday (May 26), when it finished the week 17% lower. The prompt JKM futures contract also lost 5% last week, but JKM held the premium throughout the week in what’s been a rare occurrence this year. 

“Abundant supply and low consumption continues to weigh on the market” in Europe, said trading firm Energi Danmark Tuesday in a research note. 

TTF fell again Monday, before clawing back 1% Tuesday, when the...