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Gas gains 11% on short squeeze, CO2 drops


25 Sept 2023 14:30

25 Sept 2023 14:30

(Montel) Europe’s benchmark front-month gas contract rose 11% on Monday to hit a new one-month high as traders appeared to price in increased demand in October, while carbon fell after failing to surpass Friday’s three-week high.

The front month on the Dutch TTF hub was last seen at EUR 44.50/MWh, up EUR 4.70 from Friday, after hitting EUR 44.77/MWh earlier, surpassing Friday’s one-month peak to hit its highest point since 23 August.

“The market is removing the strong rebate on October compared to the winter contracts. But I struggle to find a good fundamental explanation for today’s strong rise,” said one trader, adding…

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