Gas prices in Europe have increased by approximately 30%, reaching January 2023 levels.
Modern.az reports that the situation in the Middle East led to an increase not only in oil prices but also in gas prices. After Brent crude oil prices reached $119.5 per barrel overnight, the gas market opened with an approximately 30% increase in the April futures contract.
The price of the natural gas contract at the TTF hub in the Netherlands increased by 29.4%, reaching 69.5 euros per MWh, or $842.7 per 1000 cubic meters. Gas trading at this level last occurred more than three years ago, on January 13, 2023.
Subsequently, the movement of gas prices slowed down. According to the latest data, the contract price increased by 17.02% from the close of the previous trading session, reaching $758.2 per 1000 cubic meters.
