Europe's Gas Price Edges Higher After Tuesday's Fall
0923 GMT – European natural-gas prices edge higher in early trading following the previous session's decline, with the benchmark Dutch TTF contract up 0.4% to 43.75 euros a megawatt hour. 'The European natural gas market sold off yesterday with TTF settling nearly 3.9% lower on the day,' ING's Warren Patterson and Ewa Manthey say. 'We believe that the weakness is overdone given the tighter storage environment.' EU storage levels are currently 37.6% full, well below the five-year average. Meanwhile, growing uncertainties over the path to end the war in Ukraine continue to weigh on sentiment. 'The geopolitical backdrop remains fractured,' ANZ Research analysts say, highlighting that a peace agreement could pave the way for the return of some Russian gas flows. (giulia.petroni@wsj.com)
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