European natural gas prices have dropped below €100 per megawatt hour for the first time since Russia slashed supplies this summer, with warm weather and close-to-full gas storage easing concerns over winter shortages.
The price drop will come as a boost for the EU leaders who are working to place a cap on the price of the fuel as it fights high inflation and a slowing economy, and in an attempt to deny Moscow funds for its invasion of Ukraine.
Dutch TTF gas futures, the benchmark European contract, dropped as low as €93.35/MWh ($27 per MMBTU) on Monday, down nearly 20 per cent compared with Friday, the lowest it has been since mid-June.
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