CGES: European gas amenable to commodity trade

There is no "intrinsic reason" why Europe can't develop into a natural gas commodity market like the US, instead of remaining tied to long-term contracts and pricing formulas linked to oil, said authorities at the Centre for Global Energy Studies (CGES), London, in a recent report."Although short-term gas trading is now well-established in the UK and at a number of embryonic gas trading 'hubs' on the [European] continent, around 90% of Europe's gas supplies are purchased under long-term take-or-pay contracts-most of which are still priced using formulas linked to the oil market," they said.Consequently, for example, the July natural gas contract closed at the equivalent of...

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