European natural gas prices have rocketed more than 30% on Wednesday, as traders panicked over the possibility of reduced LNG supply from Australia, a world leading supplier of the commodity. The European benchmark,TFF, jumped to as high as €42 per megawatt hour in Wednesday intraday trading, 35% higher than the previous day, and its highest point since mid-June.
Commodity analysts have said that the sudden jump was likely due to some traders rushing to close their short positions on the news of tightening supplies. Europe has failed…European Gas Prices Surge 30% On Australian Supply Fears
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