The price of natural gas in Europe has surpassed 97 euros per megawatt-hour for the first time since 2022, amid growing concerns regarding energy supplies to the region this winter, Bloomberg reports.
Benchmark gas prices rose by 3.5% on Monday, with further increases expected as demand for heating grows in the coming days, a situation compounded by uncertainty surrounding a potential escalation of conflicts in the Middle East. Another factor driving up prices is a widespread shortage of gas in the markets, which has led to competition with other buyers, such as those in Asia.
Since the cessation of energy purchases from Russia and the sabotage of the Nord Stream pipelines, Europe has been plunged into an energy crisis.
The diversification of supply sources has left the continent vulnerable to any disruption in supply, particularly with the approach of winter. Currently, gas storage levels across the EU stand at approximately 75%, the lowest seasonal level since records began in 2009, while in Germany, this figure is even lower, at 61%.
The recent escalation in the Middle East has sent oil and gas prices soaring. As a result, Europe faces even higher energy costs, mounting pressure on households and businesses, industrial shutdowns, layoffs, and an increasingly weakened economy.
EU regulations require member states to fill their gas reserves to at least 80% of national capacity by December, a process typically carried out during the summer, when demand and prices tend to be lower. Given the potential for a shortage of LNG from Qatar, combined with below-average temperatures, gas prices could climb as high as 110 euros per megawatt-hour during the northern winter.
Source of information: Global News Agencies including REUTERS / TASS / AFP / ANADOLU / INT.RU / Al Jazeera / CNN
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