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Investing.com -- European natural gas prices have seen a rise, surpassing 34 euros per megawatt hour during midday trading. This surge is largely due to investors eyeing the escalating competition for liquefied natural gas (LNG) from Asia.
As reported by ANZ Research analysts, lower prices have attracted buyers back into the market, which in turn has driven North Asia LNG prices back above $11 per million British thermal units (mmBtu). This comes after the prices threatened to dip below $10/mmBtu the previous week.
In addition to this, the European Union (EU) is anticipated to present a roadmap later on Tuesday, outlining plans to reduce dependency on Russian energy imports.
The Dutch TTF contract, a benchmark for European natural gas prices, is currently trading 4.3% higher at 34.36 euros per megawatt hour. Despite this increase, it remains down by nearly 30% for the year to date.
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