European natural gas prices tumbled on Monday due to strong pipeline supply from Norway and a broad market sell-off driven by fears of a U.S. recession.
Europe an benchmark natural gas prices plunged by 5% on Monday amid strong pipeline supply from Norway a broad sell-off in all markets amid fears of a worsening U.S. economy. The Dutch TTF Natural Gas Futures, the benchmark for Europe ’s gas trading, was down by 5% to $38.16 34.80 euros per megawatt-hour MWh at 1157 a.m. in Amsterdam. Gas prices in Europe had surged by 13% last week amid concerns about supply from the Mediterranean with the escalating tension between Israel and Iran.
But the sell-off in the equity and commodity markets today pulled down all commodity assets, especially crude and European gas. Fears of a recession in the United States with weaker-than-expected jobs data on Friday spilled over to European equity and commodity markets on Monday. “Rising volatility forces investors to cut exposure across the board, hence the spillover to commodities from the current rout in equities,” Ole Hansen, Head of Commodity Strategy at Saxo Bank, wrote on Monday.
Europe Norway Prices LNG Recession United States Asia Storage Supply
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