11/2/2022, 12:28 PM (Source: TeleTrader)
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F GAS-2.01%

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European gas prices surge 8% on supply risks

The price of European gas futures surged by 8% on Wednesday as the supply risks weighed on the energy security across the region as current reserves of gas appear not to meet the demand ahead of the heating season.

The day before, Russia's energy giant Gazprom revealed that gas production slumped by 18.6% year-to-date, with exports to European nations declining and supplies being diverted to China. Meanwhile, the bloc's member states consider a price cap on gas that is to limit the raging costs of the commodity, with new measures expected to take effect starting this month.

UK natural gas futures for delivery in December soared by 8.61% to 304.160 pence per therm at 12:16 pm CET.

Baha Breaking News (BBN) / AB