Gas prices in Europe rise by 39 percent
Gas prices in Europe have increased by 39 percent since the start of the Israel-Palestine conflict due to concerns over supply security.
12punto
At the TTF, the Netherlands-based virtual natural gas trading hub with the highest liquidity in Europe, the price of natural gas for November delivery closed at 38.2 euros per megawatt-hour on October 6.
Prices, which entered an upward trend with the start of the Israel-Palestine conflict on October 7, began to climb after the US energy company Chevron halted production at the Tamar gas field in the Eastern Mediterranean at Israel's request, fueling concerns regarding supply security.
Today, the price of gas for November delivery closed at 53.1 euros per megawatt-hour. Thus, prices have risen by 39 percent since the start of the Israel-Palestine conflict.
The closure of valves on the Balticconnector pipeline, which provides natural gas flow between Finland and Estonia, due to an unusual pressure drop, and the announcement that repairs to the pipeline would take 5 months, also exerted upward pressure on prices.