Gas prices on both the UK and Dutch markets have fallen to price levels not seen since before the Russian invasion of Ukraine in February.

Prices for one-month ahead contracts on the Dutch TTF gas futures market are down 4% to just over €95 per megawatt hour.

Dutch TTF Gas Futures (Graph from ICE Markets)

Prices for November contracts on the UK market are down 7% to 171 pence per therm.

UK Natural Gas Futures (Graph from ICE Markets)

These price levels were last seen in mid-February.

Industry sources say the dip in prices is a combination of this winter's demand for gas in Europe largely already having been met and the ongoing mild weather across the continent.

However, most utility companies base their prices on forward contracts, which means the current dip in spot prices might not immediately translate into lower electricity and gas bills for customers.

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