European gas prices plunge to lowest since June due to mild weather and full storage tanks

Price 70 per cent lower than in August but still much higher than over past 10 years

European natural gas prices have dropped below €100 per megawatt-hour (MWh) for the first time since Russia cut its exports during the summer in response to EU sanctions over its invasion of Ukraine.

Dutch TTF gas futures, the benchmark European contract, dropped as low as €93.35 per MWh on Monday, the lowest since mid-June.

The price represents a drop of almost 20 per cent compared to Friday’s prices and 70 per cent lower than the prices recorded in August, when they rose above €300/MWh.