Natural gas prices in Europe have risen 10 times over the year due to fears of a shortage of supply caused by the war between Russia and Ukraine in the energy markets.
The price of April futures contracts traded on TTF, the deepest virtual natural gas trading outlet in Europe in Europe, was €168 per MWh at 4:45 pm CET. Thus, the price of natural gas, which was 16 euros per megawatt-hour last year, has increased 10 times.
April futures traded on the TTF rose to 194 euros during the day.
Prices are rising on fears that a war between Russia and Ukraine will lead to a reduction in gas supplies. Expectations that the natural gas infrastructure will be damaged and the gas supply could be interrupted by Russian bombing and missile attacks on Ukraine are pushing prices up.
If the war continues, the possibility of sanctions against oil and natural gas suppliers will also affect prices.
Currently, the EU countries provide about 40 percent of their natural gas needs from Russia.
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