Luxembourg asks EU to limit speculators in response to gas price spike


The European Union should limit the participation of financial speculators in European gas markets, Luxembourg said on Friday, a move it said could help prevent price spikes like those happening across the continent.

European gas and power prices have soared to record highs this year, prompting governments to hand out emergency subsidies and cut taxes to shield consumers from higher bills. Some countries also want deeper reforms to protect energy markets from price shocks.

“We have to eliminate – by regulation, and the gas directive is the right place to start to do this – the extreme speculative behaviour of some traders which now in the market, basically push the prices,” Luxembourg energy minister Claude Turmes told reporters on Friday.