Gas Prices Are Falling in Europe: What’s Happening in the Market
28 July 16:14
Wholesale gas prices in the United Kingdom and the Netherlands continued to fall on Tuesday, July 28, following a drop of approximately 9% on Monday: a pause in the exchange of strikes between the U.S. and Iran has bolstered hopes for a resolution to the conflict, reports "Komersant Ukrainian", citing Reuters.
Front-month gas futures on the Dutch TTF hub fell by 2.38% to €56.87 per megawatt-hour.
“If a pause—or some form of de-escalation—becomes more likely, the average price of a TTF contract in the third quarter of 2026 should be around €46 per megawatt-hour,” Citi analysts noted.
The price of “tomorrow” spot gas in the UK fell by 1.29% to 137.5 pence per therm, while the August futures contract fell 2.19% to 137.68 pence per therm.
U.S. President Donald Trump said on Monday that Washington is engaged in positive negotiations with Iran and that there is a chance to resolve the conflict, but he warned that if the talks fail, the U.S. will resume strikes.
According to analysts at Engie EnergyScan, the market is in a wait-and-see mode regarding developments in the Middle East. Fundamentally, demand for gas from the energy sector remains high due to low wind power generation, while supply is stable, and the total volume of export applications from Norway remains at 325 million cubic meters per day, LSEG data showed.
Watch us on YouTube: important topics – without censorship
