European gas prices subside after Feb 24 spike

European gas prices soared on February 24, with the March delivery contract at the Dutch TTF hub climbing 49% to over €134 ($151)/MWh as a result of Russia's invasion of Ukraine. But as of 15:00 GMT on February 25, the contract is down 29.6%, at €94.5/MWh.

Russian forces are now closing in on Ukraine's capital Kyiv, following a multi-pronged incursion into the country. Kremlin spokesman Dmitry Peskov said in the late afternoon on February 25 that Russia was ready for talks with Ukraine in Minsk. But the discussion would have to focus on Ukraine declaring a "neutral status," which would include "demilitarisation."

Russia has for years been calling for guarantees that Ukraine will never join NATO. 

Ukrainian gas transmission operator GTSOU is yet to report any disruptions in domestic gas transport or Russian gas transit to Europe.