Europe Gas Prices Jump 6% as Saudi Pipeline Shutdown Rattles Markets
24 Articles
24 Articles
The wholesale price of natural gas for the European market on Monday morning exceeded 84 euros (about 2,040 crowns) per megawatt hour (MWh) for the first time since the end of 2022. At around 11:15 CEST, it was just below this level, with the October futures contract on the Title Transfer Facility (TTF) virtual trading hub in the Netherlands trading at a premium of 5.5 percent. Supply disruptions from the Middle East are to blame.
The Dutch TTF gas exchange's quotation jumped to close to 84 euros/MWh on Monday. European gas prices have risen by around 30 percent in a month and more than doubled in a year, while the continent's storage facilities are unusually empty for the season ahead of winter.
Delivery failures from the Middle East drive the European gas price up further. At the same time, the filling levels of the gas storage tanks are low. Time pressure for Germany is growing.
The European gas price has already almost tripled this year. In Austria, gas storage is currently almost 67 percent filled.
Reformatorisch Dagblad
The European gas price rose on Monday morning at the leading gas exchange in Amsterdam, following higher oil prices. The price climbed nearly 5 percent to more than 83 euros per megawatt-hour. Last week, the price already rose to over 80 euros for the first time since January 2023.
Europe Gas Prices Jump 6% as Saudi Pipeline Shutdown Rattles Markets
Europe’s benchmark natural gas prices jumped by 6% at Monday market opening in Amsterdam as oil prices rallied amid the escalation in the Middle East that threatens the recovery of energy flows. The front-month price at the Dutch Title Transfer Facility (TTF), the benchmark for Europe’s gas trading, soared by 6% as of 7:50 a.m. Amsterdam time on Monday, to hit the highest level since the 2022-2023 crisis. At $97.31 (84.275 euros) per megawatt-ho…
Coverage Details
Bias Distribution
- 50% of the sources lean Right
Factuality
To view factuality data please Upgrade to Premium
