In connection with the attacks of Palestinian militants on Israel and a possible leak in the gas pipeline between Finland and Estonia, the price of gas in Europe exceeded the 40 euro per megawatt hour (MWh) mark on Monday.
On the Dutch gas exchange TTF on Monday, the price of gas for deliveries after a month reached 41.8 euros per MWh, which is 10% more than on Friday. The last time the price of gas exceeded 40 euros was a week ago.
The market was affected by the closure of the “Balticconnector” gas pipeline connecting Finland and Estonia, as a drop in pressure was observed over the weekend. The operator of the Finnish gas transmission system “Gasgrid Finland” admitted that there was a leak from the gas pipeline, but the investigation has not yet been completed.
Although the incident does not yet pose a threat to European gas supplies, it does point to the vulnerability of the supply network.
Market participants are also concerned about the escalation of hostilities after the Islamist group “Hamas” launched a large-scale attack on Israel, which responded with an extensive military operation.
Gas prices in Israel are less affected than oil prices, which rose sharply on Monday on fears that the conflict between Hamas and Israel will escalate and destabilize the wider region.
Despite the price increase, the price of natural gas in Europe is much lower than last year, when it exceeded 300 euros per MWh after Russia’s re-invasion of Ukraine, after Russia sharply cut gas supplies to Europe, forcing it to find new suppliers.
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2023-10-09 13:47:47
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