On February 24, natural gas prices in Europe rose for the fifth consecutive day following Russia’s war against Ukraine and Moscow’s moves to reduce natural gas sales to Europe.
According to DPA, the price of reference futures contracts for the European market rose by 4.8 percent after Italian energy firm ENI announced that it would supply half of the daily amount of gas demanded from Russian energy company Gazprom. Thus, natural gas prices in Europe increased by 60 percent in a week.
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According to Bloomberg, the development represents a major blow to European countries at a time when Europe is trying to increase its gas stocks before winter.
On the other hand, GRTGAZ, one of the largest natural gas distributors in Europe and France, announced that no Russian gas has been received through pipelines since June 15 after the flow between France and Germany was cut off.
The July gas contract price traded on TTF, the Netherlands-based virtual natural gas trading venue with the most depth in Europe, rose 5.4 percent to 130 euros per megawatt-hour. The price of British gas also rose 2.3 percent today.
