Gas prices in Europe continue to rise
At TTF, the deepest virtual natural gas trading point in Europe, based in the Netherlands, the price per megawatt-hour of natural gas in November futures contracts closed yesterday at 53 euros.
Prices opened today at 51 euros and closed the day at 55.3 euros, an increase of 4.3 percent compared to yesterday’s close. Thus, gas prices in Europe in November futures contracts increased by 44.7 percent in the last week.
WHAT HAPPENED?
Prices, which entered an upward trend after the Israeli-Palestinian conflict began on October 7, began to rise after the American energy company Chevron stopped production at the Tamar gas field in the eastern Mediterranean at the request of Israel, fueling concerns about security of supply.
The closure of valves due to the unusual pressure drop detected in the Balticconnector gas pipeline, which provides natural gas flow between Finland and Estonia, and the announcement that the repair of the gas pipeline would take 5 months also caused upward pressure on prices.
Additionally, expectations that gas demand will increase as temperatures drop in Europe are also putting upward pressure on prices. (AA)