(Finance) – Gas capitulates on the Amsterdam market, after riding the speculation of a stop to supplies from Russia. Last week i futures contracts on gas TTF, traded on the Dutch market, the reference exchange in Europe for gas, had reached new ones historical records and even this morning this maximum had been updated at 339 euros per megawatt hour.
Then the prices cooledafter the number one of the European commission Ursula von der Leyen announced a gas summit on 9 September and after some skeptical countries seem more inclined to fix a price cap.
The gas future for September delivery has thus closed at 282 euros per Mwh, down by 16.8% compared to the closing last Friday after hitting lows of 268 euros. A correction movement that will have to be verified tomorrow, when the London Stock Exchange reopens, closed today for a national holiday.
Meanwhile, the President of the EU admitted that the current movement in gas and electricity prices is revealing the limits of the system and promised a “structural” reform in addition to the measures to limit the recent spike in prices, the Italian proposal to fix a “roof” (price cap) and decouple the price of electricity from that of gas. They now seem inclined to impose a price cap also Austria and Germany.