Gas prices in Europe kicked off the week with a steep drop, driven by intensified selling pressure in global markets following the US's introduction of reciprocity-based tariffs on its trading partners.
At the TTF, the Dutch-based virtual natural gas trading hub with the highest market depth in Europe, gas prices per megawatt-hour for May contracts opened at �35 today, marking a decrease of approximately 4% compared to the previous close.
After the opening, gas prices dropped by 8% to as low as �33.5, and were traded at �34.5 as of 10.50 a.m. local time (0750 GMT).
With this decline, gas prices in Europe fell to their lowest level since May 2024.
The sharp downward movement in prices is largely attributed to uncertainties surrounding the reciprocity-based tariffs announced last week by US President Donald Trump and the anticipated responses from other countries.
Concerns that the US's protectionist trade policies could slow economic growth are weighing heavily on commodity prices, while worries that a slowdown in the global economy could reduce energy demand are also contributing to the decline in prices.
Reporting by Nuran Erkul Kaya in London
Writing by Fuat Kabakci
Anadolu Agency