European gas prices have been bumping along at their lowest levels for quite some time, but traders are betting that the mix of factors pushing prices lower might not last as winter drags on and the EU struggles to reach agreement on a gas price policy. The day-ahead gas futures contract at the Dutch TTF hub closed at €40 per megawatt hour on Tuesday after touching a low of €25.40/MWh on Monday — its lowest level since May 2021. Benchmark EU gas prices have been pushed lower by high gas storage levels, oversupplied LNG import terminals, forecasts of mild temperatures in the weeks ahead and industrial demand destruction.
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