European gas prices fall 10% as demand declines
Prices of natural gas in Europe fell on Tuesday as the demand for the commodity seemingly began to weaken owing to warmer tempartures in the region, with the volume of new factory orders seeing a slowdown in Germany.
On June 5, the European Commission decided to end the emergency measures put in place last year to shield consumers from rising energy prices, as well as to reduce energy usage in key consumer categories. The EU member states reduced its natural gas demand by 19.2% from August 2022 to January 2023, which is higher compared to the average of the previous five years, the document revealed.
For deliveries in July, UK natural gas futures tumbled 10.37% to go for 60.51 ence per therm at 4:54 pm CET. For the same month contracts, Dutch TTF natural gas plunged 10.83% to €25.39 per megawatt hour.