[Special Stock] Daesung Energy, Russian Weaponized Natural Gas Surges... Domestic Supply Provided to Europe

[Asia Economy Reporter Hyungsoo Park] Daesung Energy's stock price has been strong for two consecutive days. The news that natural gas prices surged in Europe after Russia halted natural gas exports to Poland and Bulgaria has impacted the stock price.

As of 10 a.m. on the 28th, Daesung Energy was trading at 16,100 KRW, up 17.58% from the previous day.

The European benchmark price for natural gas rose 4.1% from the previous trading day to 107.43 euros per megawatt-hour. Although this is lower than the price right after the outbreak of the Ukraine war in March, it is still about five times higher than a year ago. As European natural gas prices rose, more U.S. natural gas was loaded onto tankers and sent to Europe. Accordingly, U.S. natural gas prices also increased by 6.1%.

On the previous day, Russia's state-owned gas company Gazprom announced it had stopped exports to Poland and Bulgaria after they refused to pay for gas in rubles. Major European countries accused Russia of weaponizing energy. Our government decided to provide some of the domestically held natural gas to Europe at a level that does not affect domestic supply and prices.

Traditionally, natural gas buyers paid in dollars or euros, but Russian President Vladimir Putin demanded last month that countries considered hostile pay in Russian currency. Putin has begun weaponizing resources.

This content was produced with the assistance of AI translation services.