"The TTF month-ahead settlement price for derivatives is by far the most widely used benchmark in gas supply contracts across the EU, followed by maturities of two-month ahead and year ahead," it states.

Russian sales of LNG doubled from a year earlier to 852,000 tons in November, despite a 5.4% decline in China’s total purchases of the super-chilled fuel, according to Chinese customs data.

Dutch front-month futures, Europe’s gas benchmark were down 1.3% at €114 a megawatt-hour at 8:51 a.m. in Amsterdam.

Russia's war against Ukraine that started in February has exacerbated gas prices. But the excesses of the TTF had already been detected before, with rises of more than 700% in 2021.

The deepwater Nargis block is located off the city of Arish on the Sinai Peninsula. It is one of four offshore exploration blocks off Egypt’s coast in which the US group Chevron holds operating interests, alongside with the Egyptian oil company Tharwa Petroleum.

U.S. Rig Count is down 4 from last week to 776, Canada Rig Count is down 3 from last week to 199.

Dutch front-month gas futures, a European benchmark, were 5% lower at €128 a megawatt-hour at 8:40 a.m. in Amsterdam.

Despite Russia slashing gas deliveries this year, Europe has averted a severe shortage and started the winter with brimming gas storage tanks

Countries led by Germany, the Netherlands and Denmark are calling for a cautious approach, while a group including Belgium, Italy, Greece and Poland is pushing for a more aggressive tool to contain gas prices.

The Arctic weather is the first real test of Europe’s resiliency this season as it faces a historic energy crisis, with Russia curbing gas supplies to the region.