The price of basic European natural gas, TTF, recorded a new jump of almost 42% on Tuesday, exceeding 60 euros per Megawatt-hour (MWh), amid concerns that developments in the Middle East may limit the supply of natural gas to Europe.
Natural gas contracts, TTF (Amsterdam), for April delivery, which are considered a benchmark for Europe, recorded, at 12:33 Cyprus time, an increase of 41,9% or 18,22 euros, reaching 61,44 euros per MWh.
Today's jump in TTF's price follows the significant 35% increase it recorded the previous day.
It is noted that Qatar Energy, one of the largest exporters of liquefied natural gas (LNG), announced yesterday, Monday, that it had stopped production due to attacks on its facilities from the war in the Middle East.
Qatar plays an important role in balancing LNG demand in both Asian and European markets.
There is also concern about the possibility of closing the Strait of Hormuz, through which approximately 20% of the world's LNG passes, a development that would significantly increase prices internationally.
Natural gas futures contracts for May and June also recorded a large increase, increasing by 36,85% and 35,97%, respectively.
Natural gas contracts for the month of May amount to 59,17 euros per MWh and for June to 57,06 euros per MWh.
Source: KYPE
