European gas slips over 10% ahead of gas price cap talks

Friday, 07. October 2022 14:43

The price of European gas futures slumped over 10% on Friday, as the European Union considers introducing a temporary price cap for gas in the face of raging energy costs across the region. The bloc's officials are expected to discuss the energy crisis and gas price cap at today's meeting.

Speaking on the sidelines of the informal meeting of heads of state and government of the European Union in Prague, European Commission President Ursula von der Leyen assured that the bloc managed to fill its gas stockpiles by 90% through alternative, "reliable" sources, following Moscow's decision to slash the supply of gas to the region.

UK natural gas futures for delivery in November plunged 10.77% to 287.800 pence per therm at 2:29 pm CET.

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Baha Breaking News (BBN) / AB