European natural gas prices retreated Tuesday as governments considered a bevy of options to intervene and limit the economic impacts of a relentless energy crisis.

Title Transfer Facility (TTF) prices soared Monday. They finished nearly $10 higher as the week got underway and the market weighed Gazprom PJSC’s late Friday announcement that it would not restart gas deliveries on the Nord Stream 1 (NS1) pipeline due to an oil leak it found on the only turbine feeding the system. The October contract shed about 2% Tuesday and slipped back below $70/MMBtu.

Flows won’t resume on NS1 until Siemens AG repairs the equipment, Gazprom said. However, Siemens said over the weekend that it hasn’t been commissioned to conduct any work, noting that the leak could be repaired on site...