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Gas Price in Europe Surpasses $600 Per 1,000 Cubic Meters Meters, First Time Since Mid-February

Friday 13 October 2023
Gas Price in Europe Surpasses $600 Per 1,000 Cubic Meters Meters, First Time Since Mid-February

Alwaght- Gas price in Europe exceeded $600 per 1,000 cubic meters on Friday for the first time since mid-February on London’s Ice, Russia’s Tass news agency reported. 

The price of November futures at the TTF hub in the Netherlands increased to $610 per 1,000 cubic meters or 56.01 euro per MWh (based on the current euro-dollar exchange rate, ICE prices are presented in euro per MWh).

Gas prices are growing amid the news of the imminent resumption of the strike by workers at Chevron LNG plants in Australia and the suspension of production at the Tamar gas field in Israel amid a war on Gaza. 

“Due to the situation, the security establishment ordered to temporarily stop the supply of natural gas from the Tamar reservoir, and the economy’s energy needs will be met with other fuels,” Chevron Mediterranean Ltd. said in an update October 10. 

In August, European gas prices had jumped 40 percent on Australia supply fears. 

At the time, energy analysts said the bullish momentum for European natural gas prices will persist over the coming months. 

 

Tags :

Europe Gas Price Rise Israel War LNG

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