Investing.com -- European natural-gas prices are on the rise, making up for some of the losses experienced in Tuesday’s trading session.

The Dutch TTF contract, a key benchmark, has increased by 0.9%, bringing the price to 34.56 euros per megawatt-hour. This comes after a 1.5% drop in the previous session as gas storage levels continue to increase.

In an effort to reduce reliance on Russian fossil fuels, the European Union is reportedly contemplating a potential prohibition on spot purchases of Russian gas. ING reported that the possible actions to be taken will be presented to EU members on May 6.

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