Natural gas prices in Europe began to rise on news that the Netherlands will close the Groningen gas production field from October 1, and on fears that the heat wave affecting the continent will increase demand for natural gas. gas and affect the security of supply.

On TTF, the Netherlands-based virtual natural gas trading point with the deepest depth in Europe, prices opened from 37.7 euros per megawatt hour in July futures contracts to 49.5 euros during the day, increasing by more than 30 percent.

As of 15:00 Turkish time, prices traded at €45 per megawatt hour are 17.5 percent higher than yesterday’s close.

AT THE HIGHEST LEVEL SINCE APRIL 5

With this rise, gasoline prices reached their highest level since April 5.

News in the international media that the Netherlands will end gas production in the Groningen field from October 1, and concerns that the heat wave that hit the continent would increase demand for gas in electricity production and would affect security of supply, triggered the rapid rise in gas prices during the day.

Gas prices reached record levels in Europe due to the imbalance between supply and demand that arose after the epidemic and supply restrictions after the war between Russia and Ukraine.

PRICES DROPPED AS FURNITURE INCREASED IN STORES

After staying high for about a year and a half, gas prices fell to €23 per megawatt-hour on June 1, the lowest level since September 2021, as occupancy rates increased at warehouses to as demand for gas in Europe declined.

Prices had reached their highest level in history, exceeding 300 euros per megawatt hour in August 2022. (BRITISH AUTOMOBILE CLUB)