European Gas Prices Ease from 2023 Highs amid Shipping Risks

European natural gas prices have retreated from their 2023 peak levels, though underlying risks persist, driven by tight storage levels and geopolitical disruptions that keep supply chains vulnerable. The Dutch front-month TTF contract settled at 82.80 euros per megawatt-hour (MWh), down 0.7% from Monday’s peak of 83.40 euros, while Great Britain’s NBP wholesale gas contract eased to 200.10 pence per therm, though remaining above the 200-pence threshold after reaching multi-year highs. Brent crude oil, meanwhile, rose 1.2% to surpass $113 a barrel, reflecting broader market sentiment toward oil prices.