European gas futures rise as price cap looms

EPA-EFE/FILIP SINGER

The price of European gas futures climbed on Wednesday as uncertainty over the price ceiling pressured the markets. European Commission President Ursula von der Leyen's noted that the bloc could settle on the gas cap by the end of the year further raising concerns over the supply of the commodity as member states expressed concern that the proposed price ceiling might be too high.

UK natural gas futures for delivery in December rose by 6.84% to 370.090 pence per therm at 4 pm CET. Dutch TTF natural gas futures, which serve as the benchmark across the continent, for settlements in December, climbed 6.19% selling at €148.100 per megawatt hour.

Baha Breaking News (BBN) / AB