TTF hits three-month low

Europe’s benchmark natural gas is now trading at the lowest level since July.
Photo: HANNIBAL HANSCHKE/REUTERS / X02197
Photo: HANNIBAL HANSCHKE/REUTERS / X02197
BY MARKETWIRE, TRANSLATED BY DANIEL FRANK CHRISTENSEN

As European residents struggle with surging inflation, the price of at least one crucial commodity is now down to the lowest level since July.

Benchmark gas Title Transfer Facility slides in Dutch trading for the third consecutive business day, now down to EUR 150.12 per MWh.

This, says Bloomberg News, is attributable in part to forecasts of warmer seasonal weather for Europe, and partly due to rising volumes of imported liquefied natural gas replacing absent Russian supply.

Less than two months back, TTF futures changed hands for more than EUR 200 per MWh, while the August price reached as high as EUR 300 per MWh.

Monday this week, government agency Statistics Denmark presented inflation figures for September showing domestic inflation surging year-over-year by 10%, while taking an 8.9% jump in August.

Inflation taking such a leap, says Danske Bank Chief Analyst Louise Aggerstrøm Hansen, results not least from steep price hikes in August, especially of electricity, first appearing in inflation figures at a month’s delay.

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