EUROPE GAS-Benchmark Dutch price falls on EU's Ukraine gas transit push

LONDON, March 6 (Reuters) - Dutch wholesale gas prices fell below 40 euros ($43.31) on Thursday for the first time this year, on news that European leaders are set to urge EU authorities and Kyiv to intensify talks to resolve a halt to Russian gas transit through Ukraine.

The benchmark front-month contract at the Dutch TTF hub TRNLTTFMc1 was down 2.15 euros, at 38.85 euros per megawatt hour (MWh), or $12.26 /mmBtu, by 1606 GMT.

The contract touched 38.48 euros in earlier trade, its lowest level since November 2024, LSEG data showed.

The May contract TRNLTTFMc2 fell 3.24 euros to 38.62 euros/MWh.

The British day ahead contract TRGBNBPMc1 was down 4 pence at 95 pence/therm, while the April British contract TRGBNBPMc1 was down 5.45 pence at 94.04 p/therm.

European Union leaders met on Thursday for an extraordinary summit to discuss Ukraine and European defence.

The draft conclusions included calling on the parties to intensify efforts on "finding workable solutions to the gas transit issue", including through resumption.

Traders said this was the reason for the latest fall in the gas price.

Russian gas flowed to Europe via Ukraine despite the war until the end of 2024 when a transit deal expired.

Energy markets have also been volatile over the past few weeks, with the threat of tariffs on products exported to the U.S. weighing on economic growth forecasts and expectations for gas demand.

Oil prices hit their lowest levels since December 2021 in earlier trade and remained below $70 a barrel on Thursday afternoon.

In the European carbon market, the benchmark contract CFI2Zc1 was down 1.51 euro to 67.28 euros per metric ton.

($1 = 0.9236 euros)