Gas price in Europe jump 30 percent at start of trading

The price of gas on the European exchange at the opening of trading on Thursday exceeded $850 per 1,000 cubic meters for the first time since December 2022, according to data from the London-based ICE exchange.

The price of the April futures contract at the TTF hub in the Netherlands rose to around $854 per 1,000 cubic meters, or 72 euro per MWh (based on the current euro-to-dollar exchange rate, ICE prices are quoted in euro per MWh).

Price growth since the start of the day exceeds 30%. Thus, gas prices in Europe have surged by nearly $200 compared with the close of the previous trading session.

The increase comes amid attacks on gas infrastructure in Middle Eastern countries.

Earlier, Qatar’s state-owned oil and gas company, QatarEnergy, reported significant damage to a facility in Ras Laffan, where its LNG plant is located, following missile strikes.

In addition, operations at Abu Dhabi’s largest natural gas processing complex, Habshan, have been temporarily suspended after a missile attack by Iran, the emirate’s authorities said.