Fear of war with Iran
Gas price in Europe rises to annual high
Investors' fears of a new war in the Middle East and Ukrainian advances in the Russian border region of Kursk are driving the price of European natural gas to its highest level this year.
The benchmark TTF futures contract for delivery in one month rose by more than 5.7 percent to EUR 38.78 per megawatt hour (MWh) in Amsterdam. The market referred to the attacks by Ukraine on Russian territory. The fighting is apparently taking place near Sudzha, an important feed-in point for natural gas.
Gazprom: deliveries are running normally
This gas reaches Western Europe through Ukrainian pipelines. As the news agency Bloomberg reports, the Gazprom Group is currently still assuming normal gas deliveries.
The price of gas has been on the rise since the end of July, with prices increasing significantly in some cases over the past few trading days. Another reason for the price increase is investors' fear of a new war in the Middle East and the potential impact on gas supplies from the region. There is great concern about an escalation of the conflict between Iran and Israel.
Record high after the outbreak of the Ukraine war
After the consequences of the war in Ukraine temporarily drove the price of gas to a record high of over €300 per MWh in 2022, prices have remained comparatively stable in the range between €30 and €40 in recent months. There was one outlier at the end of February, when the price of gas fell to around EUR 22 at times.
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