European gas costs increase to its highest since march| MENAFN.COM

Thursday, 18 August 2022 10:31 GMT

European gas costs increase to its highest since march


(MENAFN) Natural gas costs in Europe have increased to the peak since March after decreased Russian supplies and a looming strike in Norway, a high energy provider to the continent.

August futures on the TTF exchange center in the Netherlands climbed to a high of 10 percent, to stand at USD1,722 for each thousand cubic meters or €161.5 (USD168.8) for each megawatt-hour in domestic terms.

The planned industrial act at the gas fields of Europe’s purposefully important provider is allegedly menacing to reduce day-to-day gas shipment by almost 13 percent, narrowing the grip on a market that’s already revolving from declined deliveries from Russia.

According to Reports, three Norwegian areas are ready to be closed down by the strike beginning Tuesday, whereas intended action the following day would take out additional three ventures.

Experts at trading company Energi Danmark stated in a note witnessed by the agency that “Supply concerns are extremely high and the market continues to add risk premium.”

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