ISTANBUL
European natural gas prices fell sharply on Tuesday, with the benchmark Dutch TTF contract dropping over 8%, as market volatility eased after the recent war-driven surge.
The TTF price fell to trade near €50.6 ($58.3) per megawatt-hour as of 1535GMT on Tuesday.
The decline came after natural gas prices had climbed steeply in recent sessions amid escalating geopolitical tensions in the Middle East and concerns over potential disruptions to global energy supply routes.
The front-month TTF contract, regarded as Europe’s benchmark for natural gas trading, saw a historic high of $78 earlier this month.
Despite the drop, prices remained elevated compared with levels seen before the latest regional escalation, reflecting persistent concerns over energy security, supply risks and broader market uncertainty.
Traders continued to monitor developments in the Middle East, particularly risks to critical oil and gas transit routes, while also assessing the potential impact on liquefied natural gas flows to Europe.
European gas markets have remained highly sensitive to geopolitical shocks since the energy crisis triggered by the Russia-Ukraine war, with supply concerns often feeding into sharp price swings across the region.