June 23, 2024

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Gas prices in European markets are rising by 25% as demand increases

In FranceThe gas price hike will not apply until next spring.

Wrote the article



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A historical record. On Wednesday, October 6, the price of natural gas hit a new record in European markets. The reason? Strong demand as winter approached, especially in Asia, but also limited supply and sluggish global stocks. In France, as Gene Costex announced last Thursday, the gas price hike will not apply until next spring.

The European benchmark price, the Dutch title transfer facility (TTF), rose by 16.36% to 135 euros per megawatt hour (MWh) at midnight. The price of British gas for distribution rose 18.15% in November.

“The current rise in energy prices in Europe is truly unique.”, Researchers at the Société Générale. “Energy prices have never risen so fast before.”.

Asked by AFP, Commercebank analyst Carston Fritz said this sharp acceleration in prices is one. “Movement of Panic and Fear” The Northern Hemisphere will face lower stocks as winter approaches.

According to Russian President Vladimir Putin, Europe is responsible for the crisis because it did not close enough long-term supply agreements with Moscow, thus encouraging record price rises.

“Their whole policy is to get out of contracts. This policy is wrong.”He said this during a meeting with Russian energy officials.