403
Sorry!!
Error! We're sorry, but the page you were
looking for doesn't exist.
European gas prices see 4 percent drop due to sell-off in financial markets
(MENAFN) European gas prices experienced a notable decline of 4 percent at the beginning of the week, primarily due to a significant sell-off in the financial markets. The price per megawatt-hour for September futures contracts on the TTF, a prominent virtual Natural gas trading venue based in the Netherlands, closed on Sunday at €36.65 (USD40.14). As trading commenced today, natural gas prices opened at €36.75, but by 12:05 PM local time (0905 GMT), they had plummeted to €34.10, reflecting a 4 percent decrease from the previous close.
This downward trend in gas prices contrasts sharply with the surge observed last week, which was driven by concerns over potential supply disruptions due to geopolitical tensions in the Middle East. However, as the new week began, the markets faced significant selling pressure, influenced by broader negative sentiments in global financial markets. These sentiments were largely fueled by escalating fears of a recession in the United States, where there is growing concern that the economic slowdown might be more severe than initially anticipated, leading to heightened selling pressure across various asset classes.
The negative trend was not confined to the United States but had a ripple effect on global markets. Asian markets witnessed a historic decline, with the depreciation in Japanese equity markets surpassing 10 percent, while losses in South Korea were approaching the same level. European stock markets mirrored this bearish trend, starting the week with a sharp decline. The benchmark Stoxx Europe 600 index fell by 3 percent after the opening, indicating widespread investor anxiety and a lack of confidence in the economic outlook.
This downward trend in gas prices contrasts sharply with the surge observed last week, which was driven by concerns over potential supply disruptions due to geopolitical tensions in the Middle East. However, as the new week began, the markets faced significant selling pressure, influenced by broader negative sentiments in global financial markets. These sentiments were largely fueled by escalating fears of a recession in the United States, where there is growing concern that the economic slowdown might be more severe than initially anticipated, leading to heightened selling pressure across various asset classes.
The negative trend was not confined to the United States but had a ripple effect on global markets. Asian markets witnessed a historic decline, with the depreciation in Japanese equity markets surpassing 10 percent, while losses in South Korea were approaching the same level. European stock markets mirrored this bearish trend, starting the week with a sharp decline. The benchmark Stoxx Europe 600 index fell by 3 percent after the opening, indicating widespread investor anxiety and a lack of confidence in the economic outlook.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.
Comments
No comment