2023-10-10 18:15:40
Egypt faces supply cuts, European gas prices hit four-month high
Financial World 2023-10-11 02:15:40
European natural gas prices extended gains as tensions in the Middle East heightened global supply risks ahead of the northern hemisphere heating season. Benchmark futures prices rose 7.3% to their highest level since mid-June. Egypt is reconsidering plans to export liquefied natural gas to Europe, officials said on Tuesday. Previously, the suspension of production at Israel’s Tamar oil field caused Egypt’s fuel flow to drop by 20%.
Consulting firm Auxilione said the conflict zone’s proximity to some major gas and oil infrastructure has injected more anxiety into an already nervous market. While Europe’s winter gas storages are nearing capacity and industrial demand remains well below historical averages, the region remains extremely sensitive to supply changes after losing most of its pipeline fuel from Russia last year.
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