European TTF gas futures fall 5.2% to $666.7 at Monday open
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European natural gas prices declined sharply on Monday, with benchmark Dutch TTF September futures opening 5.2% lower at $666.7 per thousand cubic meters. The contract hit an intraday low of $661, down 6% from the previous settlement of $703.2. The decline comes after prices surged nearly 60% in March following US-Israeli strikes on Iran.
Price Action
The September TTF futures, Europe's benchmark gas contract, opened at $666.7 per thousand cubic meters, a drop of 5.2% from Friday's settlement of $703.2. Intraday prices ranged from a low of $661 to a high of $704.2. Trading on the Intercontinental Exchange (ICE) saw the contract briefly touch the $704 level before retreating.
Recent Surge
European gas prices have been volatile since March 2, when trading resumed after US and Israeli strikes on Iran. Average prices in March jumped nearly 60% compared to February, surpassing $600 per thousand cubic meters for the first time since February 2023. The rally was driven by supply disruption fears and geopolitical risk premiums.
What's Next
Market participants will watch for further price direction as trading continues through the day. It remains unclear whether the decline represents easing supply concerns or a temporary pullback after the sharp rally prompted by Middle East tensions.
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European TTF gas futures fall 5.2% to $666.7 at Monday open
