(MENAFN) On Tuesday, natural gas prices in Europe experienced a notable increase of 7.5 percent, a surge attributed to escalating tensions in the Middle East. The price per megawatt-hour for May futures contracts on the Title Transfer Facility (TTF), the Netherlands-based virtual natural gas trading venue renowned for its depth in Europe, concluded at €31.14 (which makes up to USD33.10) on Monday.
However, the prices surged to €33.50 (equivalent to USD35.62) per megawatt-hour, marking a significant rise compared to the previous day's close, as mounting tensions between Israel and Iran raised concerns about potential disruptions to global supply chains.
Europe's reliance on natural gas has rendered the region more susceptible to fluctuations in global markets, particularly as pipeline gas flows from Russia to Europe have dwindled significantly amid the ongoing conflict between Moscow and Ukraine. Despite the conclusion of the winter season, recent developments in global markets have reignited concerns over supply stability, contributing to the upward trajectory of natural gas prices.
As of April 16, natural gas storage levels in Europe stand at 62.04 percent of capacity. This figure underscores the importance of monitoring supply dynamics, particularly in light of recent geopolitical tensions and their potential ramifications on global energy markets.
MENAFN17042024000045015839ID1108104371
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.