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Energy Crisis Pits CME Against ICE in Fight for Gas Markets (1)

Nov. 23, 2022, 3:31 PM

Europe’s energy crisis has opened doors for CME Group Inc. to challenge its rival, Intercontinental Exchange Inc., in the fight to dominate global natural gas markets.

The Chicago-based exchange started offering European futures for liquefied natural gas last month, and unlike many new contracts, it has started trading. Its introduction comes just as Europe’s traditional gas futures, offered by ICE, are at risk of becoming less effective due to the lack of Russian fuel and EU plans to cap prices.

The jockeying for position follows unprecedented upheaval in European energy this year, triggered by Russia’s weaponization of its natural ...