European Gas Prices Ease from 2023 Peaks Amid Low Storage and Shipping Risks

European and British wholesale natural gas prices retreated slightly on Tuesday, taking a breather after surging to fresh 2023 highs in the previous session. The benchmark Dutch front-month TTF contract slipped 0.7% to trade around 82.80 euros per megawatt-hour (MWh), consolidating just below Monday's peak of 83.40 euros.

The equivalent NBP wholesale gas contract in Great Britain eased 0.7% to 200.10 pence per therm, remaining firmly above the key 200-pence threshold after hitting multi-year highs in prior bourses.

Low European storage reserves keep underlying market tight, despite Tuesday's modest pull-back. Wholesale gas curves remain anchored by a steep risk premium, driven by severe structural supply vulnerabilities across continental energy infrastructure.