Europe’s Title Transfer Facility (TTF) benchmark fell further Monday as a cold snap eased and a long-awaited agreement to cap natural gas prices on the continent gave the market pause. 

Both the January and February TTF contracts slipped about 6% to finish around $34/MMBtu, while prices further down the curve dropped as well. The prompt contract was trading around $48 at this time last year, according to NGI data, but prices remain well above where they’ve been in recent years. 

European Union (EU) energy ministers reached an agreement to cap the price of the month-ahead TTF contract when it reaches 180 euros/MWh, or about $56/MMBtu, for three days. Prices would also have to be 35 euros/MWh, or roughly $11/MMBtu above the average price of global LNG over the same three...