Gas prices in Europe rose fastest on Monday in about three months. The market threatens to get tighter with Asian countries also making more attempts to obtain liquefied natural gas (LNG). This is also the biggest threat to European countries to get gas in the coming months.
The price of natural gas on the major gas exchange in Amsterdam rose as much as 20 percent on Monday, the first time it has been seen since March. At around 17:00, a megawatt hour costs 27.55 euros, about 18% more than the day before. This is still several times lower than last year’s peak and also 60% lower than earlier this year.
At the end of last month, gas prices fell to their lowest level in almost two years. The decline was caused by mild weather, rising LNG imports and better-than-expected gas inventories. Businesses and households have also saved on gas consumption.
Source: BNR
Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.
