Prices on the European natural gas market are rising rapidly. A pipeline leak, a closed gas field in Israel and a strike in Australia sent prices on Friday to the highest level since February this year.
Since the beginning of the week, the price of gas has risen by about 45 percent to more than 56 euros per megawatt hour. This relates to futures prices on the Amsterdam Stock Exchange
At the beginning of this week, prices rose significantly due to the war in Israel. Due to the escalation of fighting, the important Tamar gas field in the region was closed by the American energy company Chevron.
The rise in prices is also due to the temporary closure of the pipeline between Finland and Estonia due to a leak believed to have occurred intentionally. There is also an ongoing strike in Australia’s natural gas industry. Moreover, the weather forecast indicates colder temperatures on the way.
However, European natural gas prices are still far below the level they reached at the beginning of the Russian war against Ukraine. Then Moscow decided to significantly reduce gas supplies to Europe. European natural gas reserves are now well stored.
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