European gas prices surge to six-month high

Natural gas futures in Western Europe jumped by a further 5% on Friday, climbing to the highest level since early April, according to data from the London Intercontinental Exchange (ICE).

The cost of gas futures for November delivery at the Title Transfer Facility (TTF) hub in the Netherlands surged to an intraday high of €56.01 ($59.1) per megawatt-hour in household terms during morning trade, or over $617 per thousand cubic meters, the highest level in eight months.

Since last week, the continent’s benchmark futures prices have jumped by more than 54%.

Analysts partly attribute the surge to the conflict between Israel and Hamas, which has led to a shutdown of an offshore gas field which supplies Egypt. They have also cited the suspected sabotage of a Baltic Sea pipeline between Finland and Estonia, planned workers’ strikes at key export plants in Australia, and the approaching winter in Europe.

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