Front-month natural gas futures on the Dutch Title Transfer Facility (TTF), the benchmark contract in Europe, plunged in recent weeks to bottom out below 77 euros ($81.91) per megawatt hour.
At their peak in August, European gas prices topped 345 euros/MWh as Russia’s weaponization of its natural gas exports to the rest of the continent in response to punitive EU sanctions, and sky-high temperatures over the summer, drove up demand while constricting supply.