Israel-Palestine impact on gas prices
As gas prices in Europe continue to rise following the start of the Israel-Palestine conflict, prices closed today with a 4.3 percent increase.
At the TTF, the Netherlands-based virtual natural gas trading hub with the highest depth in Europe, the megawatt-hour price of natural gas for November futures contracts closed at 53 euros yesterday.
Opening at the 51-euro level today, prices closed the day at 55.3 euros, an increase of 4.3 percent compared to yesterday's close.
Thus, gas prices in Europe for November futures contracts have shown an increase of 44.7 percent in the last week.
IT HAD CLIMBED AS IT FUELED CONCERNS
Prices, which entered an upward trend following the start of the Israel-Palestine conflict on October 7, had climbed as the US energy company Chevron's suspension of production at the Tamar gas field in the Eastern Mediterranean, at Israel's request, fueled concerns regarding supply security.
The closure of valves due to an unusual pressure drop detected in the Balticconnector pipeline, which provides natural gas flow between Finland and Estonia, and the announcement that the repair of the pipeline would take 5 months, also led to upward pressure on prices.
Additionally, expectations that gas demand will rise as air temperatures drop in Europe also created upward pressure on prices.
News Source: AA
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