European Gas Futures Retreat Below €90 After Reaching €90.235

European natural gas futures fell back below €90 per megawatt-hour on Oct. 20 after a brief move above a threshold the Dutch benchmark had not crossed since December 2022.

The November Dutch TTF natural gas futures contract traded at €90.10 per megawatt-hour by 7:21 a.m. ET (11:21 UTC). It reached an intraday high of €90.235 before moving back under €90 later in the session. The high was not a closing price.

The Dutch Title Transfer Facility (TTF) is a wholesale gas trading point and a benchmark for European natural gas. The November contract is quoted in euros per megawatt-hour and covers physical gas delivery during that month.

The retreat followed the earlier move above €90, which took the benchmark to its highest level since December 2022. European benchmark gas prices exceeded €300 per megawatt-hour in late August 2022.