[Featured Stock] U.S. Natural Gas Hits 14-Year High... Daesung Energy Surges

[Asia Economy Reporter Lee Seon-ae] Daesung Energy's stock price is showing a sharp rise in the early trading session. This is interpreted as a result of U.S. natural gas prices soaring to the highest level in 14 years.

As of 9:12 a.m. on the 23rd, Daesung Energy is trading at 15,900 KRW, up 1,100 KRW (7.43%) from the previous trading day. The stock opened at 15,850 KRW and surged to 16,450 KRW.

According to MarketWatch on the 22nd (local time), the price of U.S. natural gas for September delivery surged 5.6% to $9.834 per million British thermal units (BTU), reaching the highest level in 14 years due to concerns over natural gas shortages in Europe.

Tim, an energy analyst at ING, analyzed that this was due to Russia halting gas shipments to Europe via the Nord Stream 1 pipeline, causing natural gas prices in Europe to spike by 20%.

Daesung Energy receives natural gas supply from Korea Gas Corporation and supplies city gas for cooking, heating, cooling and heating air conditioning, commercial, and industrial use. It also operates 12 natural gas refueling stations for fuel supply to city buses and others. Since last year, it has been operating CNG refueling stations using 'Green Gas' biogas and has also entered the hydrogen refueling station business utilizing by-product hydrogen.