UK NBP Gas Falls 2.84% in Late European Trade; TTF Down 2.02%

The synchronized move across UK gas, Dutch TTF and EU carbon allowances points to a broad European energy complex repricing rather than an NBP-specific story, with the carbon leg's smaller decline suggesting the driver sits more in gas supply or demand expectations than in policy sentiment. The short-lived plunge around 21:25 Beijing time hints at a thin-liquidity episode in late European trade, where a single order can move the curve disproportionately. Whether that intraday spike lower holds or gets retraced once liquidity returns is the open question.