The nearest futures for January deliveries to TTF hub dropped by 7.5% to $932 as of 09:02 GMT.
The decline in gas prices in Europe is caused by the cooling of the market due to a high occupancy rate for underground storage facilities. At the same time, EU energy ministers agreed on implementing a temporary mechanism to limit excessive gas prices, setting a price cap at 180 euros ($191) per MWh. The mechanism will apply starting February 15, 2023, and will be monitored by the Agency for the Cooperation of Energy Regulators (ACER).