Natural gas prices in Europe continued to rise strongly, recording one of the largest waves of increases in recent years, given the continuing war in the Middle East and its impact on global energy flows.
Europe’s standard gas contract rose 13% in the day’s trading as concerns continued over supply disruptions through the Strait of Hormuz.
Concerns grew after Qatar’s Ras Laffan facility, the world’s largest liquefied natural gas export center, was shut down following an Iranian drone attack.
Some countries are starting to explore alternative means of supply, with Taiwan announcing it will secure April gas shipments from outside the Middle East, while Thailand is seeking additional shipments to shore up supplies.
Overall height
European gas prices rose more than 30% in this week’s trading, taking their total to about 70% in two days on the back of the Iran war, after Qatar announced it would halt natural gas exports in the wake of Iranian attacks in the Strait of Hormuz.
Prices for the Dutch natural gas TTF contract, which is used as a reference in Europe, rose more than 33% after rising about 40% yesterday after Qatar halted production of liquefied natural gas following attacks on Iranian energy facilities.
Against the backdrop of the ongoing war in the Middle East and its impact on global energy flows, natural gas prices in Europe continued to rise significantly, registering one of the largest increases in recent years.
Europe’s benchmark gas contract rose as much as 13% in the day’s trading as concerns continued over supply disruptions through the Strait of Hormuz.
Anxiety increased after Qatar’s Ras Laffan facility, the world’s largest liquefied natural gas export center, was shut down following an Iranian drone attack.
Some countries have begun to look for alternative sources of supply, with Taiwan announcing it had secured April gas shipments from outside the Middle East and Thailand seeking additional shipments to shore up supplies.
overall increase
European gas prices have risen more than 30% in this week’s trading in the wake of the Iran war, and totaled about 70% in two days after Qatar announced it would halt natural gas exports following Iranian attacks in the Strait of Hormuz.
Prices for Europe’s benchmark Dutch TTF natural gas contract rose more than 33% after rising nearly 40% yesterday after Qatar halted liquefied natural gas production due to Iranian attacks on energy facilities.
