UK Gas Falls 2.58%, Dutch TTF Drops 4.33% in Late European Trading

Gas and carbon moving lower together points to a softer prompt complex rather than a fuel-switching story, with the steeper TTF drop suggesting the continent is easing faster than the UK. For RWA and energy-linked exposure, the read-through is about marginal European power economics, where weaker carbon and gas input costs compress the cost stack. Whether carbon keeps tracking gas down, or decouples on supply-side policy, is the open question.