European Gas Price Rises, With Focus on Asia Competition
0954 GMT – European natural-gas prices climb back above 34 euros a megawatt hour in midday trading, with investors focused on growing competition for liquefied natural gas from Asia. 'The lower prices have induced some buyers back into the market,' ANZ Research analysts say. 'This helped push North Asia LNG prices back above $11/mmBtu [per million British thermal units], after threatening to fall below $10/mmBtu last week.' Meanwhile, the EU is expected to unveil a roadmap later on Tuesday to cut off Russian energy imports. The benchmark Dutch TTF contract currently trades 4.3% higher at 34.36 euros a megawatt hour, but is still down nearly 30% so far this year. (giulia.petroni@wsj.com)
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