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European gas prices steady near 2022 levels
Natural gas prices in European markets are settling near their highest levels since 2022, following a sharp surge. Gas contracts have maintained record annual gains exceeding 200%. This comes amid warnings from European Central Bank President Christine Lagarde about rising lending costs and their impact on households and industries' ability to afford energy bills, with an expected interest rate hike to 2.75% in December. Additionally, geopolitical risks in the Middle East are increasing, particularly concerning gas shipment bottlenecks and low levels of European gas storage, which heighten the continent's vulnerability to potential cold spells during the winter season.
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