European Gas Price Rises Amid Storage Refilling Concerns
0825 GMT – European natural-gas prices rise as worries over the pace of storage replenishment resurface just two months into the stockpiling season and ahead of a key November deadline. Analysts at ANZ say the pressure is due to challenges in auctioning capacity at prices sufficient to cover operating costs. They warn the shortfall could prompt government intervention. Despite lingering concerns, demand on the continent was down almost 5% in May, while imports of liquefied natural gas continued at robust levels. In early trade, the benchmark Dutch TTF contract gains 0.7% to 36.12 euros a megawatt hour, but is still down 1.5% on the week. (giulia.petroni@wsj.com)
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