European Gas Price Rises on Supply Worries
0959 GMT – European natural gas prices climb in midday trading amid renewed concerns over supplies and stalled efforts to end the war in Ukraine. The benchmark Dutch TTF contract rises 1.5% to 37.55 euros a megawatt hour and is up 7.1% on the week. Prices were buoyed by an outage of uncertain duration at a gas field in Norway, a key source of supplies for Europe. Adding to pressure, LNG send-outs–the volume of gas that is regasified and sent into the pipeline network for distribution–fell to their lowest level since February, according to analysts at ING. 'Asian LNG prices have been trading mostly at a premium to European gas prices in recent months,' they say. 'This helps explain the lower LNG send-outs.' (giulia.petroni@wsj.com)
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