UK gas futures fall 4.12%, Dutch TTF drops 5.07% in late European trading

The sharper drop in TTF than in UK futures points to the continent driving this move rather than any UK-specific factor, and the simultaneous rise in EU carbon allowances is a notable divergence — carbon strength alongside gas weakness suggests the two are being priced on separate drivers right now. This matters most for European power and industrial gas consumers whose costs track TTF. Whether the carbon-gas spread keeps widening is the open question worth watching.