2023-10-12 13:48:00
Gas prices in Europe saw a further increase on Thursday, exceeding 50 euros per megawatt hour, the highest level since mid-August. These disruptions are caused by market concerns about supply, as the time to turn the heat back on approaches.
The leak in the Finland-Estonia gas pipeline in the Baltic Sea and the outbreak of violence in the Middle East have already led to a rise in the price of crude oil this week. The significant drop in temperatures expected in Western Europe in the coming days should also push many people to turn on their heating.
The incidents and their effects highlight the fragility of the gas market, particularly in Europe. The continent is experiencing its second winter without Russian gas supplies. Liquefied natural gas (LNG) must replace it, but is subject to strong competition at the global level.
On Thursday, the price of natural gas on the Dutch TTF futures market increased by another 10%, after prices have already seen sharp increases in recent days. The gas market in Europe was nevertheless in a much worse situation last year at the same time. Gas then cost around 160 euros per megawatt hour.
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