Gas prices in Europe surge amid supply concerns, topping €40 per MWh

The wholesale price of gas for the European market is rising sharply today and exceeded 40 euros (roughly CZK 970) per megawatt-hour (MWh) in the afternoon. There are concerns that strikes at some LNG terminals in Australia could disrupt supplies of liquefied natural gas (LNG), the DPA news agency reported.

The price of the key front-month gas contract at the Title Transfer Facility (TTF), a virtual trading hub in the Netherlands, was up by around 32 percent at 40.90 euros per MWh shortly after 15:00 CEST. According to Petr Lajsek, an analyst at Purple Trading, the price reached its highest level since mid-June.

„The market was significantly affected by reports that workers at Chevron Corporation and Woodside Energy in Australia are planning widespread strikes. These could threaten the smooth flow of LNG exports,“ Lajsek told the Czech News Agency (ČTK).

„LNG is a key source for Europe after the loss of supplies from Russia. Unusually cold weather could also extend maintenance work at facilities in Norway, another key source of natural gas for Europe,“ he added.