European Natural Gas Futures Tumble 10%

The split between gas and carbon is the notable signal: gas collapsing while EU allowances firm suggests the move is about supply or positioning in the gas curve rather than a broad repricing of European energy transition costs. A double-digit one-day drop in both UK and Dutch benchmarks points to a concentrated, possibly forced, unwind rather than gradual sentiment shift. Whether carbon holds its gains if gas weakness persists is the open question worth watching.