AhlulBayt News Agency: European natural gas prices jumped as the war in West Asia continues to rock energy markets and disrupt shipments of seaborne supplies.
Benchmark futures jumped as much as 30% on Monday, extending their biggest weekly advance since the energy crisis.
The move follows a surge in oil to above $100 a barrel as more major Middle East producers curbed production and the Strait of Hormuz remained effectively closed.
US natural gas futures also moved up, reaching the highest in a month.
The conflict is now in its 10th day and showing no signs of easing, bringing more uncertainty to energy markets and fanning inflationary pressures. For gas markets in particular, Europe is in a vulnerable position as it’s emerging from winter with storage tanks depleted.
That means it will have to buy more Liquefied Natural Gas (LNG) cargoes this summer to refill them, vying with buyers in Asia for a limited pool of supplies if Western Asian flows can’t reach global markets.
/129
Your Comment