UK and Dutch Gas Futures Fall; TTF Hits Four-Year High Before Retreating

The retreat from TTF's four-year high within hours of touching it points to a market where headline risk is being priced quickly and then partly unwound, rather than a clean directional move. The divergence between falling gas and a firmer EU carbon price is the detail worth noting: carbon is a cost input for gas-fired generation, so the two usually move with some correlation, and their split suggests the gas selloff is driven by something other than fuel-switching economics. Whether the intraday spike-and-fade pattern repeats — or whether the four-year high proves a durable ceiling — is the open question.