Gas Prices In Europe Have Soared By Almost 50%
- 3.03.2026, 15:51
- 3,038
Because of the Iran war.
Wholesale gas prices in the Netherlands and Britain rose for a second straight day and jumped more than 40 percent on Tuesday, as fears around supply intensified after Iran and Israel escalated strikes in the Middle East and Qatar suspended LNG production at the Ras Laffan plant, the world's largest export terminal, writes The Moscow Times.
The conflict in the Middle East has led to the de facto closure of the Strait of Hormuz, through which a fifth of the world's LNG supplies pass, causing prices to rise on international markets.
Front-month gas futures at Dutch hub TTF rose 49.48% to 64.5 euros per megawatt-hour by 14:23 MSC.
Gas futures for delivery next month in the UK rose 40.09% to 159.0 pence per therm.
"The events (in the Middle East) coincided with a critical moment for the natural gas market: the heating season is coming to an end in Asia and Europe, and inventories are low, especially in Europe. This will make it harder for consumers to replenish storage in the coming months," said Daniel Hines of ANZ Research.
"There are few alternatives. The US could ramp up LNG exports, but this is unlikely to offset volumes from Qatar in the short term," he added.
Analysts at BMI, a unit of Fitch Solutions, expect prices in the Dutch TTF hub to hold above 40 euros per MWh until the second quarter, before quickly pulling back as the geopolitical risk premium falls.
European LNG prices also jumped, with S& P Global Energy estimating the indicative April delivery price for LNG deliveries to northwest Europe as of March 2 at $15.479 per million British thermal units - 56.61% higher than a day earlier.
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