European gas slips over 16% on stronger supply

Monday, 26. September 2022 17:47

The price of European gas futures slipped significantly on Monday, following the news of a stronger supply of the commodity after the German conglomerate RWE revealed the day before it has signed a contract with Abu Dhabi National Oil Company (ADNOC) to deliver liquefied natural gas to the country by the end of December.

Last week, Germany nationalized the country's energy giant Uniper SE by acquiring a 98.5% stake in the company, in the face of the "deteriorating situation in the energy markets."

UK natural gas futures for delivery in October plunged 16.25% to 242.500 pence per therm at 5:15 pm CET.

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