RE: Sp drop29 Dec 2022 10:18
WAS THIS THE REASON FOR FALL?
FTSE lower as European natural gas prices fall to pre-Ukraine war levels
European stock markets tumbled into the red on Thursday as natural gas prices dropped back to their levels before the
Ukraine war.
In London, the FTSE 100 (^FTSE) fell 0.6% after opening, while the CAC (^FCHI) tumbled 0.5% in Paris, and the DAX (^GDAXI) was 0.3% lower in Frankfurt.
The month-ahead European gas future contract fell as low as €76.78 per megawatt hour, its lowest level in 10 months, according to Refinitiv data.
FTSE lower as European natural gas prices fall to pre-Ukraine war levels
This is thanks to warmer-than-normal temperatures this winter, and consumption reduction targets.
UK gas prices have also declined from their highs earlier this year. The day-ahead gas price closed at 155p per therm on Wednesday, compared with 200p/therm at the start of 2022, and over 500p/therm in August.