The price of gas in Europe exceeded €90 per 1 MWh for the first time since 2022
Exchange gas prices in Europe continue to rise amid supply disruptions from the Gulf countries and rising LNG prices in Asia
On Tuesday, October 20, the value of October futures at the TTF hub in the Netherlands at a maximum rose by almost 2.5%, to €90.2 per 1 MWh, or $1,062.96 per 1,000 cubic meters, taking into account the current exchange rate in the forex market. The previous time gas prices were above €90 per 1 MWh in 2022.
As Bloomberg notes, gas exports from the Gulf countries, which accounted for about a fifth of the world’s LNG last year, are still disrupted by the war, and there are no signs of normalization. LNG prices in Asia also jumped to their highest since 2022.
Earlier this week, Iran said it had “no choice” but to take control of the Strait of Hormuz to ensure its own security. Attacks on ships carrying oil and gas have increased, raising concerns about how soon supplies could resume.
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