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11/14/2022, 1:22 PM (Source: TeleTrader)
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European gas prices up 15% amid cap uncertainty

European natural gas futures recovered their Friday losses on Monday, gaining as much as 15%. The European Commission is expected to unveil a plan for a price cap in light of the ongoing energy crisis in the European Union before the November 24 meeting of the bloc's energy ministers. However, a number of countries, including Germany, are opposed to the cap, whereas Commission President Ursula von der Leyen argued that it could impact the EU's ability to import gas.

UK natural gas futures for delivery in December soared 15.57% to 264 pence per therm at 1:22 pm CET. Meanwhile, Dutch TTF futures for delivery in December surged 11.9% at 1:16 pm CET and went for €109.520 per megawatt hour.

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