Natural Gas Prices Pull Back Following Surge - The Wall Street Journal
Natural Gas Prices Pull Back Following Surge - WSJ
Oct. 11, 2023 5:35 am ET
0928 GMT – Natural gas prices are tempering some of Tuesday’s gains amid growing worries over supply. European benchmark futures are down 3.7% to EUR47.65 a megawatt hour, having surged more than 12% a day earlier, close to the EUR50 MWh level and highs last seen in April. “The catalyst for the move was the Finnish government announcing that it is treating a leak detected along the Balticconnector gas pipeline over the weekend as a deliberate act of sabotage,” ING says in a note. The pipeline, which runs between Finland and Estonia, could take months to repair, ING adds. “If it turns out that the leak is due to deliberate sabotage, it obviously raises significant concern for European energy security and highlights the potential vulnerability of other European pipeline infrastructure.” ( yusuf.khan@wsj.com)
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