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Gas prices in Europe are deflating today. On the Dutch gas market, the TTF contract expiring in April drops by 29% to 94 euros per megawatt hour (MWh) after rising yesterday to an intraday high of around 140 euros / MWh. The drop came as Russian gas flows to Europe increased today after European utilities ordered more fossil fuel.
To breathe gas prices are the sanctions announced by the US and the EU against Russia and which provide for exemptions for energy exports. Russia will therefore not have its oil and gas flows specifically targeted by sanctions.
The fear on the markets is that Moscow will retaliate for Western sanctions and reduce gas flows to Europe.