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SINGAPORE (ICIS) –The ICIS TTF April ’22 price rose to $38.64/MMBtu on 30 March, 11% up day on day. This is the highest contract price since 11 March. Sharp gains were also seen on the May ’22 contract, which also rose 11% day on day, closing at $38.85/MMBtu.

Below-average temperatures, coupled with fears of reductions in Russian gas exports to Europe, were partly driving the TTF prices.

The German Ministry for Economic Affairs and Climate Action announced an early warning level on its emergency plan for gas. This also supported European prices, although there were no significant changes to supply day on day. Asian spot...